DIRS.INFO The most relevant business & tech news

☆ Buffett's Berkshire posts record annual operating profit
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and lower gains from investments caused fourth-quarter profit to fall. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Profit also fell at the BNSF railroad, while Berkshire generated more profit from its energy businesses and more income from its insurance investments as interest rates rose. For all of 2022, Berkshire lost $22.82 billion, largely because of losses in its $308.8 billion common stock portfolio. "We're delighted to see the growth in float," said Thomas Russo, a partner at Gardner Russo & Quinn who helps invest $8 billion, about 17% of which is in Berkshire stock.

Organizations: & $

☆ Buffett's Berkshire has record annual operating profit despite inflation, rate pressures
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter. Buffett called 2022 a "good year" for Berkshire in his annual shareholder letter, after the conglomerate's dozens of businesses generated $30.8 billion of profit despite rising inflation and supply chain disruptions, including from the war in Ukraine. Berkshire also bulked up its cash hoard, ending the year with $128.6 billion after selling about $16.3 billion of stocks in the fourth quarter. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Berkshire projected that Geico, which shed 7% of its 41,000-person workforce last year, will generate an underwriting profit in 2023.

☆ 10 stocks that fit Warren Buffett's takeover criteria
▼ + stars: | 2023-02-12 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett is fresh off an active year full of deal-making and stock purchases. Berkshire agreed to buy insurance company Alleghany for $11.6 billion, Buffett's biggest deal since 2016. Buffett favors companies with historically low stock prices when compared with earnings, and rock solid cash flows. Until 2017, Buffett had always revealed his acquisition criteria every year in his annual letters to Berkshire shareholders. Monster Beverage checks all the boxes in Buffett's acquisition criteria.

☆ Berkshire Hathaway could boost earnings after Occidental accounting change
▼ + stars: | 2022-11-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Nov 5 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) could soon see a boost to its bottom line after changing its accounting for its big stake in Occidental Petroleum Corp (OXY.N). In its quarterly report on Saturday, Berkshire said it adopted the equity method of accounting for its 20.9% stake in Occidental, which is worth more than $14 billion. Accounting rules normally require the equity method when one company's stake in another reaches 20%, reflecting an assumption that the first company might exert significant influence. Kraft Heinz is controlled by Berkshire and Brazil's 3G Capital, and its board includes three directors from Berkshire. Some investors and analysts have said Berkshire could eventually buy Occidental, diversifying its energy portfolio.

Search resuls for: "Travel Centers"

4 mentions found