Buffett’s Berkshire Hathaway boosts operating profit, lower stock gains hurt net results

FAN Editor
File photo of Berkshire Hathaway shareholders walking by a video screen at the company's annual meeting in Omaha
FILE PHOTO: Berkshire Hathaway shareholders walk by a video screen at the company’s annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File Photo

November 6, 2021

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc said on Saturday it has extended its rebound from the early stages of the pandemic, with improved results in many businesses offsetting a greater loss from insurance underwriting.

Berkshire also said it repurchased $7.6 billion of its own stock in the third quarter, reflecting its need to put some cash to work as stock prices regularly set new highs and purchases of whole companies appear too expensive.

Quarterly operating profit rose 18% to $6.47 billion compared with $5.48 billion in the year-earlier period.

Net income declined 66% to $10.3 billion, or $6,882 per Class A share, from $30.1 billion, reflecting lower unrealized gains on Berkshire’s common stock holdings including Apple Inc and Bank of America Corp.

(Reporting by Jonathan Stempel in New York; Editing by Mike Harrison)

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