Summary
Berkshire Hathaway Inc. (BRK-B) reported a strong second quarter and first six months of 2024, with net earnings attributable to shareholders of $30.3 billion and $43.1 billion, respectively. This performance was significantly driven by robust investment gains, with net unrealized gains on equity securities contributing substantially to the overall results. The insurance underwriting segment showed significant improvement, particularly at GEICO, benefiting from higher average premiums, lower claim frequencies, and the absence of major catastrophe events compared to the prior year. Operating businesses across manufacturing, service, and energy segments also demonstrated resilience, though some areas like BNSF and BHE experienced modest declines in earnings due to specific operational and legal challenges. The company maintained a strong liquidity position with substantial holdings in cash, cash equivalents, and U.S. Treasury Bills, reinforcing its financial strength.
Financial Highlights
29 data points| Revenue | $93.65B |
| Operating Expenses | $79.63B |
| Interest Expense | $1.23B |
| Net Income | $30.35B |
Key Highlights
- 1Net earnings attributable to Berkshire Hathaway shareholders were $30.3 billion for the second quarter and $43.1 billion for the first six months of 2024.
- 2Insurance underwriting earnings saw a significant increase, with GEICO's pre-tax underwriting earnings rising to $1.8 billion in Q2 and $3.7 billion in H1 2024, benefiting from improved premiums and lower claim frequencies.
- 3Total revenues across operating businesses increased to $93.7 billion in Q2 and $183.5 billion in H1 2024.
- 4Investments in equity securities saw a substantial increase in fair value, with net unrealized gains contributing significantly to overall earnings.
- 5Berkshire Hathaway's cash, cash equivalents, and U.S. Treasury Bills stood at $271.5 billion as of June 30, 2024, highlighting a very strong liquidity position.
- 6The company repurchased $2.9 billion of its common stock in the first six months of 2024, demonstrating its commitment to shareholder returns.
- 7PacifiCorp, a BHE subsidiary, is facing significant potential liabilities related to wildfires, with estimated unpaid liabilities of approximately $1.9 billion as of June 30, 2024.