Saturday , June 10 2023

Berkshire says he has purchased nearly $ 1 billion in his own inventory


Berkshire Hathaway, the conglomerate led by billionaire Warren Buffett, said on Saturday that its business performance in the third quarter was nearly twice as the insurance business has overcome the hurricanes and received lower taxes.

The strong result for Mr. Buffett gave more money to deploy, and using some of them he repurchased his own stock nearly $ 1 billion.

In Q3, operating profit doubled to $ 6.88 billion from $ 3.44 billion over the previous year, which is higher than Wall Street's expected $ 6.11 billion, according to Refiniti's figures.

The insurance operations of the company have been lowered by lower estimated liability and accident insurance and lower taxes compared to previous years. Last year's insurances were caused by the three hurricanes in the United States and Mexico's earthquake.

The insurance policy revenue was $ 441 million in the third quarter, compared with a loss of $ 1.4 billion a year ago.

The results of Berkshire have also improved in the areas of rail, utilities and energy, manufacturing, service and retail and financial products.

"This is at least one of the most quarterly results reports ever made on a US company," said Bill Smead, managing director of Berkshire, Smead Capital Management, Seattle.

According to Berkshire, its third-quarter net income increased by more than 355 percent to $ 18.5 billion, although this reflected a new accounting rule, which meant unrealized gains on investment.

Berkshire also said he had bought $ 928 million in treasury shares from his own shares.

At the end of September, Berkshire ended with $ 103.6 billion in cash, short-term treasury bills and other similar investments.

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