Reported by Berkshire Hathaway, a conglomerate run by Warren E. Buffett Net income $ 11.7 billion In the first quarter of Saturday, the value of paper on investment returns surged, turning profits a year ago.
Using Berkshire’s preferred financial indicator, operating profit, the company posted nearly 19% year-over-year profit due to improved performance of a wide range of subsidiaries, from energy production to BNSF Railway to consumer brands.
Berkshire reported a return on investment of $ 2.8 billion during the quarter, compared to a loss of $ 54.5 billion in the quarter of 2020.
The conglomerate repurchased $ 6.6 billion in shares during the quarter as Buffett continues to spend huge amounts of cash on the company (currently over $ 145 billion) to buy back Berkshire shares rather than making huge acquisitions. I did.
The earnings report arrived hours before Berkshire was preparing for the annual investor meeting. At the conference, Buffett’s loyal followers flew to his company’s hometown of Omaha, Nebraska, to celebrate one of the world’s most famous investors.
However, it will be held virtually this year as well, bowing to pandemic trips and raising restrictions. And for the first time, it will be held in Los Angeles, where Charlie T. Manger, 97-year-old Vice Chairman of Berkshire, lives, not Omaha.
Berkshire’s Annual Shareholders’ Meeting is known for providing a forum where company shareholders ask what they have come up with for 90-year-old Buffett.
Some of the topics expected to be covered this year include both long-standing themes such as politics and potential acquisition targets for Berkshire, as well as topics that are more offensive to Buffett. Buffett urged shareholders this year to: Reject the proposal It forces Berkshire to disclose more about its subsidiary’s efforts to address climate change and workplace diversity, and raises questions about whether his approach is a step off.
Berkshire Hathaway shows a rebound from a pandemic
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