Berkshire Hathaway Inc. Quarterly Report for the Quarter Ending March 31, 2024
Berkshire Hathaway Inc. has reported a net profit of $5.47 billion for the first quarter of 2024, up from $4.14 billion in the same period last year. The company’s book value per share increased to $295,660 from $281,920 in the previous quarter. The company’s cash position has also improved, with cash and cash equivalents totaling $145.1 billion at the end of the quarter, up from $139.4 billion in the previous quarter.
Overview
Berkshire Hathaway is a holding company owning subsidiaries engaged in insurance, railroads, utilities and energy, manufacturing, service and retailing.
Highlights
- Net earnings attributable to shareholders were $12.7 billion in Q1 2024, down from $35.5 billion in Q1 2023.
- After-tax insurance underwriting earnings increased to $2.6 billion from $0.9 billion.
- BNSF earnings decreased 8.3% to $1.1 billion.
- Berkshire Hathaway Energy earnings increased 67.2% to $0.7 billion.
- Manufacturing and service earnings were flat at $3 billion.
Insurance
Insurance underwriting earnings increased due to improved results at GEICO and no catastrophic losses compared to $350 million last year.
After-tax insurance investment income increased 32.2% or $0.6 billion due to higher short-term investment income.
| Q1 2024 | Q1 2023 |
|---|---|
| $2.6 billion | $0.9 billion |
Effective tax rate: 21.9% vs 24.3% last year
Railroads
BNSF earnings decreased 8.3% or $0.1 billion due to lower revenue per car/unit and higher costs.
| Q1 2024 | Q1 2023 |
|---|---|
| $1.1 billion | $1.2 billion |
Effective tax rate: 24.8% vs 24.4% last year
Energy
Berkshire Hathaway Energy earnings increased 67.2% or $0.3 billion.
- U.S. utilities earnings more than doubled due to lower wildfire losses.
- Natural gas pipeline earnings increased 35.2%.
| Q1 2024 | Q1 2023 |
|---|---|
| $0.7 billion | $0.4 billion |
Manufacturing and Retail
Combined manufacturing and retailing earnings were flat at $3 billion.
| Business | Q1 2024 | Q1 2023 | Change |
|---|---|---|---|
| Manufacturing | $2.9 billion | $2.6 billion | +11.6% |
| Retailing | $1.1 billion | $1.3 billion | -19.6% |
Investments
After-tax investment gains decreased to $1.5 billion from $27.4 billion last year.
- Included $4 billion unrealized gains on securities held vs $31.3 billion last year
- Q1 realized losses were $2.1 billion vs $0.4 billion gains last year
Outlook
Berkshire maintains strong liquidity and capital position to fund operations and withstand adverse events.
Focus is on value-generating acquisitions and increasing shareholder value through intrinsic value repurchases.
