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Berkshire Hathaway Fourth Quarter 2022 Results

Warren Buffett.

Gerald Miller | CNBC

Berkshire Hathawayoperating income declined in the fourth quarter as inflationary pressures weighed on the conglomerate’s businesses.

Berkshire Hathaway reached $6.7 billion in operating profit for the fourth quarter of 2022, according to a release made on Saturday. This is down 7.9% from the same period last year, when profits totaled $7.285 billion. Operating income refers to the gross profit derived from businesses owned by the conglomerate.

Berkshire’s Rail, Utilities and Energy revenues were $2.2 billion in the fourth quarter of 2022, down slightly from the same period last year. Meanwhile, the company’s underwriting business fell to $244 million in the fourth quarter of 2022, down from $372 million in the same period last year.

The conglomerate’s operating income for the year totaled $30,793 million. This is a 12.2% increase from his $27.455 billion in 2021.

Meanwhile, Berkshire spent $2.855 billion to buy back its own shares in the fourth quarter. That’s less than the same period last year, when stock buybacks totaled over $6 billion, but more than the roughly $1 billion total in the third quarter. Berkshire repurchased approximately $8 billion of common stock during the year.

Despite this, Berkshire’s cash on hand increased to $128.651 billion in the fourth quarter of 2022. That’s up from about $109 billion in the third quarter.

Buffett said in the annual shareholder letter Berkshire will continue to hold cash and US Treasury bills “on board” in addition to its myriad businesses. He said the company’s future CEO would have a “significant portion” of his net worth in Berkshire stock.

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BRK in 2023

“We also avoid actions that could create an unpleasant need for cash at inconvenient times, such as financial panic or unprecedented insurance loss,” Buffett said. “Of course, our shareholders will continue to save and prosper by maintaining profits. Berkshire has no end.”

Overall revenue for the fourth quarter of 2022 decreased to $18,164 million, down 54% from the same period last year. These earnings reflect Berkshire’s volatile equity investments.

For the full year, from a profit of $89.795 billion in 2021, overall profit in 2022 fell 125% to a loss of $22.819 billion. The figure is largely a byproduct of his turbulent market in 2022, with the company reporting his $53.6 billion loss on investments. derivative.

In any case, Buffett often puts little emphasis on changes in a company’s quarterly or annual results.

“Investment gain/loss figures for a given quarter are usually meaningless and net income (loss) figures per share that can be highly misleading to investors with little or no knowledge of accounting rules. ,” reads the release statement.

Berkshire’s stock is down nearly 1.6% in 2023.

https://www.cnbc.com/2023/02/25/berkshire-hathaway-brk-earnings-q4-2022.html Berkshire Hathaway Fourth Quarter 2022 Results

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