Summary
Berkshire Hathaway Inc. (BRK-B) reported strong financial results for the nine months ending September 30, 2024, with net earnings attributable to shareholders reaching $69.3 billion, a significant increase from $58.6 billion in the prior year period. This growth was largely driven by substantial investment gains, totaling $46.2 billion for the nine months, compared to $38.0 billion in the same period of 2023. The company maintained a robust balance sheet, with shareholders' equity growing to $629.1 billion from $567.5 billion at year-end 2023. Despite ongoing macroeconomic uncertainties, Berkshire Hathaway demonstrated operational resilience across its diverse business segments, including insurance, railroads, utilities, energy, and manufacturing. The insurance segment's underwriting results showed a mixed performance, with improved profitability at GEICO and the Primary Group in the first nine months of 2024, though the Reinsurance Group experienced a pre-tax underwriting loss. Investment income from the insurance operations saw a notable increase, largely due to higher yields on U.S. Treasury Bills. The railroad, utilities, and energy segments, including BNSF and Berkshire Hathaway Energy, reported solid earnings, reflecting improved operational efficiencies and favorable pricing in certain areas. Manufacturing, service, and retailing businesses also contributed positively, with notable growth in industrial products and consumer segments, although certain areas like retail faced headwinds from increased competition and reduced consumer spending.
Financial Highlights
29 data points| Revenue | $93.00B |
| Operating Expenses | $81.22B |
| Interest Expense | $1.21B |
| Net Income | $26.25B |
Key Highlights
- 1Net earnings attributable to Berkshire Hathaway shareholders for the first nine months of 2024 were $69.3 billion, up from $58.6 billion in the prior year period.
- 2Total revenues for the first nine months of 2024 reached $276.5 billion, an increase from $271.1 billion in the same period of 2023.
- 3The company reported substantial investment gains of $46.2 billion for the first nine months of 2024, compared to $38.0 billion in the prior year.
- 4Shareholders' equity increased to $629.1 billion as of September 30, 2024, from $567.5 billion at December 31, 2023.
- 5GEICO's pre-tax underwriting earnings significantly improved, reaching $5.7 billion for the first nine months of 2024, up from $2.3 billion in the prior year.
- 6Berkshire Hathaway Energy (BHE) saw a substantial increase in net earnings, with $3.3 billion for the first nine months of 2024, compared to $1.9 billion in the prior year, driven by improved U.S. utility operations.
- 7Cash, cash equivalents, and U.S. Treasury Bills held by insurance businesses amounted to $271.8 billion as of September 30, 2024, indicating strong liquidity.