Berkshire Hathaway More Than Doubles Buybacks in Third Quarter as Earnings Decline
Berkshire Hathaway said Saturday it accelerated its share repurchases during the third quarter, as operating and overall profits took a hit.
TL;DR
- Berkshire Hathaway repurchased $9.6 billion of its stock in the third quarter, a substantial increase from $4.5 billion in the second quarter.
- Operating profits for Berkshire fell 5.8% year over year to $12.705 billion, primarily due to a 43% decline in insurance underwriting profits.
- Overall earnings dropped 28% to $22.112 billion, with investment gains falling nearly 50%.
- Berkshire's stock has recently outperformed the S&P 500, with Class A shares up over 12% in the past month.
- The company's cash hoard grew to $377.435 billion, though adjusted cash holdings saw a slight quarter-over-quarter decrease.