Market Updates
Berkshire Hathaway Net Plunged 54% On Portfolio Losses
Scott Peters
01 May, 2022
New York City
Berkshire Hathaway Inc reported first quarter 2022 revenues increased 10% to $70.8 billion and net earnings plunged 54% to $5.4 billion from $11.2 billion in a year ago.
Diluted earnings per Class A share declined to $3,702 from $7,638 and per Class B share fell to $2.47 from $5.09 a year ago.
The company repurchased $3.2 billion of Class A and Class B common stock during the first quarter of 2022.
On March 31, 2022, there were 1,470,875 Class A equivalent shares outstanding.
The conglomerate operates in four business segments including insurance, railroads, utilities and energy, and manufacturing, services and retail.
At March 31, 2022, insurance float (the net liabilities we assume under insurance contracts) was approximately $148 billion, an increase of approximately $1 billion since yearend 2021.
Operating earnings were stable at $7 billion from a year ago but net investment income declined to a loss of $1.6 billion from $4.7 billion gains a year ago.
Manufacturing, services, and retail business segment operating earnings rose 15% to $3.0 billion, railroad rose about 10% to 1,3 billion, insurance investment income was nearly flat at $1.2 billion but underwriting fees plunged 93% to $47 million, and utilities and energy rose 6.6% to $750 million.
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