Berkshire Hathaway Q3 results: Profit jumps 17% to $30.8 bn as Buffett readies exit; Greg Abel set to take charge amid $381 bn cash pile
Warren Buffett’s Berkshire Hathaway reported a 17% rise in quarterly profit, boosted by a rebound in its insurance operations and gains from investments, even as the legendary investor prepares to hand over the reins to Vice Chair Greg Abel in January, AP reported.The company said on Saturday that it earned $30.8 billion, or $21,413 per Class A share, for the quarter ended September, up from $26.25 billion, or $18,272 per share, in the year-ago period. Operating profit — Buffett’s preferred measure to assess the firm’s performance — surged to $13.49 billion, or $9,376.15 per Class A share, compared with $10.09 billion a year earlier.Analysts surveyed by FactSet had projected operating earnings of $8,573.50 per share. Berkshire said the strong performance was driven by its insurance business, which benefited from fewer catastrophic losses than last year, when Hurricane Helene battered the US southeast. Insurance underwriting profit rose $1.6 billion to $2.37 billion.The conglomerate also booked $17.3 billion in investment gains during the quarter, while foreign currency debt holdings added $331 million in profit, reversing a $1.1 billion loss a year earlier.However, earnings at Berkshire’s utilities division slipped nearly 9% to $1.49 billion.Despite a $9.7 billion investment in OxyChem last month — Berkshire’s biggest deal in years — the group’s cash reserves remained substantial at $381.7 billion as of end-September.Buffett, 95, will step down as CEO in January but continue as chairman. The company’s Class A shares closed Friday at $715,740, well below their record of $812,855 reached in May before Buffett’s retirement announcement.
