Berkshire Hathaway reports significant slump in earnings for 2024

Berkshire Hathaway Inc. has announced its operating results for the first quarter of 2024, alongside a comparison with the same period in 2023. The conglomerate urges investors and the media to consult the detailed financial report available in the 10-Q document on their official website, as the summarized information provided does not suffice for an informed investment decision.

The financial summary reveals that Berkshire Hathaway and its subsidiaries have experienced a significant shift in net earnings. In the first quarter of 2024, the net earnings attributable to Berkshire shareholders were $12,702 million, a stark contrast to the $35,504 million reported in the first quarter of 2023.

This year’s net earnings include $1,480 million from investment gains, dwarfed by the previous year’s substantial $27,439 million. However, the operating earnings for 2024 stood at $11,222 million, showing a notable improvement from $8,065 million in 2023.

Per share earnings also saw a decline, with the net earnings per average equivalent Class A share being $8,825 and Class B share at $5.88. In comparison, 2023’s figures were $24,377 for Class A shares and $16.25 for Class B shares, respectively.

The report highlights the volatile nature of investment gains and losses and their impact on the overall earnings of the company. Despite the decrease in net earnings, the increase in operating earnings suggests a solid performance in the company’s core business operations.

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

www.berkshirehathaway.com

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