Berkshire operating profit slips, cash pile hits record; Buffett unloads Apple, BofA

seekingalpha11-02

Mario Tama Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) reported a fall in operating earnings for the third quarter, primarily due to a hit to its insurance underwriting business. The Omaha, Neb.-based...

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The Omaha, Neb.-based...</p>\n\n<a href=\"https://seekingalpha.com/news/4237906-berkshire-operating-profit-slips-cash-pile-hits-record-buffett-unloads-apple-bofa\">Source Link</a>\n\n</div>\n","source":"seekingalpha_trending_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire operating profit slips, cash pile hits record; Buffett unloads Apple, BofA</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire operating profit slips, cash pile hits record; Buffett unloads Apple, BofA\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-02 22:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4237906-berkshire-operating-profit-slips-cash-pile-hits-record-buffett-unloads-apple-bofa><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Mario Tama Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) reported a fall in operating earnings for the third quarter, primarily due to a hit to its insurance underwriting business. The Omaha, Neb.-based...</p>\n\n<a href=\"https://seekingalpha.com/news/4237906-berkshire-operating-profit-slips-cash-pile-hits-record-buffett-unloads-apple-bofa\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AAPL","symbol_name":"苹果","start_time":0,"source_url":"https://seekingalpha.com/news/4237906-berkshire-operating-profit-slips-cash-pile-hits-record-buffett-unloads-apple-bofa","article_id":"2480878828","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/127679040/image_127679040.jpg?io=getty-c-w750"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2480878828","pubTimestamp":1730557020,"sourceInfo":{"source_id":"seekingalpha_trending_news","name":"Seeking Alpha Trending News"},"weMediaInfo":null,"summary":"Mario Tama Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) reported a fall in operating earnings for the third quarter, primarily due to a hit to its insurance underwriting business. The Omaha, Neb.-based","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":["rate"],"viewcount":null,"language":"en","relate_stocks":{"AAPL":"苹果","BRK.A":"伯克希尔","BRK.B":"伯克希尔B","KO":"可口可乐"},"translate_title":"伯克希尔营业利润下滑，现金储备创历史新高；巴菲特抛售苹果、美国银行","themeId":"f4b9c77dd921845b21fc5687e0dcf41e","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BRK.A":1,"BRK.B":1,"AAPL":0.7,"KO":0.7},"content_text":"Mario Tama Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) reported a fall in operating earnings for the third quarter, primarily due to a hit to its insurance underwriting business. The Omaha, Neb.-based giant said Q3 operating earnings decreased 6.2% Y/Y to $10.09B, compared to a nearly 16% climb in Q2. In terms of overall net earnings attributable to shareholders, Berkshire (BRK.A)(BRK.A) swung to a profit of $26.25B from a loss of $12.77B a year ago.  The sprawling conglomerate used about $2.9B to buy back its shares during the first nine months of 2024. Its cash pile swelled to a record $325.21B as of September 30, 2024, from $276.94B at the end of Q2. See below for a breakdown of the conglomerate's operating income by segment:  Berkshire's (BRK.A)(BRK.B) insurance business is broken down into underwriting and investing. Underwriting decisions are the responsibility of unit managers, while investing actions are handled by famed top boss Warren Buffett. Its quarterly insurance underwriting after-tax earnings plummeted 69% Y/Y to $750M. The segment was severely affected by estimated losses from hurricane Helene of $565M. The company considers incurred losses exceeding $150M from a catastrophic event to be \"significant,\" meaning the losses from Helene were well above that limit. \"In October 2024, Hurricane Milton struck Florida and caused significant damage. We currently estimate that pre-tax incurred losses from Hurricane Milton could be between $1.3B and $1.5B. Losses from this event will be reflected in our fourth quarter earnings based on information available at that time,\" Berkshire (BRK.A)(BRK.B) warned.  Looking at GEICO, the insurer wrote premiums worth $11.18B (+7.3% Y/Y) in Q3 and earned premiums worth $10.70B (+8.7% Y/Y). Pre-tax underwriting earnings nearly doubled to $2.03B. Berkshire's (BRK.A)(BRK.B) quarterly investment gains, most of which are unrealized, came in at $20.51B, compared to investment losses of $29.78B in Q3 a year ago.  The Warren Buffett-led conglomerate also decreased the overall investment in its five biggest company holdings. As of September 30, 2024, about 70% of Berkshire's (BRK.A)(BRK.B) equity portfolio, at fair value, was concentrated in American Express (AXP), Apple (AAPL), Bank of America (BAC), Coca-Cola (KO) and Chevron (CVX). That's down from about 72% as of June 30, 2024.  See below the fair value changes in Berkshire's (BRK.A)(BRK.B) stake in the five companies at the end of Q3 from Q2:  Credit card issuer American Express (AXP) - 17.1% increase to $41.1B from $35.1B. iPhone-maker Apple (AAPL) - 17% decrease to $69.9B from $84.2B. Number two U.S. lender Bank of America (BAC) - 22.9% decrease to $31.7B from $41.1B. Soft drinks behemoth Coca-Cola (KO) - 12.5% increase to $28.7B from $25.5B. Oil major Chevron (CVX) - 5.9% decrease to $17.5B from $18.6B.  Turning to the performance of Berkshire's (BRK.A)(BRK.B) railroad business, after-tax earnings at BNSF jumped 13.3% Y/Y to $1.38B in Q3. BNSF operates one of the largest railroad systems in North America, with over 32.5K route miles of track in 28 states. Its car/unit volumes gained 8.3% in the quarter, driven by double-digit surges in freight volume in consumer and agricultural products.  Looking at Berkshire Hathaway Energy, after-tax earnings more than tripled Y/Y to $1.63B. The rise \"reflected comparative declines in litigation-related charges affecting the U.S. utilities and higher earnings from natural gas pipelines, including reductions in earnings attributable to noncontrolling interests.\" More on Berkshire Hathaway  Berkshire Hathaway: Continued Equity Divestitures Signal Uncertainty Berkshire Hathaway: Why I'm Buying More Shares Berkshire Hathaway: No Real Reasons To Panic On Recent Sales Stocks that hedge funds moved from long to short in August - Jefferies Berkshire Hathaway Q3 results to provide views on cash and stock holdings","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480878828"}