Berkshire reported earnings of $26.4 billion in the second quarter, a turnaround from its $49.7 billion loss in the first quarter, when the pandemic caused a plunge in the stock market.The strong recovery in the stock market — and a surge in the value of Apple’s stock, in particular — drove a rebound in profits for Warren E. Buffett’s Berkshire Hathaway in the second quarter.Berkshire on Saturday said it earned $26.4 billion in the second quarter, a turnaround from The weak economy, caused by the pandemic and business interruptions, weighed on many of the companies that the conglomerate owns. Precision Castparts cut about 10,000 jobs, or about 30 per cent of its workforce, during the first half of the year as it responded to the reduced demand.CFRA analyst Cathy Seifert said the Precision Castparts writedown — combined with Berkshire’s sale of all its airline stocks earlier this year — suggests that Mr. Buffett expects the pandemic to have a lasting negative impact on the airline business.Mr.
Samsung Unveils New Gadgets: Note Phones, Tablets and Noise-Cancelling Earbuds. The weak economy, caused by the pandemic and business interruptions, weighed on many of the companies that his conglomerate, Berkshire Hathaway, owns.Johannes Eisele/Agence France-Presse — Getty Images But in the second quarter, it Though Mr. Buffett has a long record as a savvy investor, Berkshire’s stock has performed worse than the broader stock market this year, falling 7.4 percent, versus a 3.7 percent increase for the S&P 500 stock index.In a sign that Mr. Buffett might believe Berkshire’s shares are undervalued, the company spent $6.7 billion buying back its own stock in the second quarter, a record amount, and up from $1.7 billion in the first quarter.During and after the 2008 financial crisis, Berkshire made big investments and acquisitions that ended up producing big returns. Also, a US$2.5-billion in premium reductions Geico is offering customers because of the lower claims will be spread over the coming year as people renew policies instead of taking effect all in the second quarter when most other insurers sent refunds.BNSF’s profit declined 15 per cent to US$1.1-billion during the quarter as the number of shipments it handled fell 18 per cent. That’s up from …
Then Mr. Buffett’s company bought roughly US$2.1-billion worth of Bank of America stock in late July and early August to give it control of 11.9 per cent of the bank’s stock.Berkshire Hathaway Inc. owns more than 90 companies, including the railroad and insurance, utility, furniture and jewellery businesses. It reported a US$2.1-billion underwriting profit in the quarter, up from US$393-million a year ago. Berkshire’s manufacturing and retail businesses were also hit by the disruptions to the economy. Buffett also found a way to use more of that cash after the quarter ended. Berkshire Hathaway’s Class A stock price exceeded $315,000 per share in August, while Class B shares represent a more achievable goal for Berkshire investors, and currently trading around $210. "remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } The Zero Canada Project provides resources to help you make the most of staying home.Pandemic boosts premium for private-equity firm’s sale of vet clinic chain to Berkshire PartnersWarren Buffett’s Berkshire Hathaway buys another $400-million of Bank of America stockBuffett’s Berkshire Hathaway reduces share count, suggesting possible buybacks Due to technical reasons, we have temporarily removed commenting from our articles. If you would like to write a letter to the editor, please forward it to Welcome to The Globe and Mail’s comment community. Warren Buffett is betting on brighter prospects for his Berkshire Hathaway Inc. Berkshire spent a record $5.1 billion buying back its own stock in the … Buffett has long said Berkshire’s operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely. If you are looking to give feedback on our new site, please send it along to To view this site properly, enable cookies in your browser.
This is a space where subscribers can engage with each other and Globe staff.We aim to create a safe and valuable space for discussion and debate. Berkshire Hathaway (BRK-A, BRK-B)Warren Buffett is a legend among investors for his wisdom in buying and holding stocks for the long run. Warren Buffett seems to have repurchased more than $7 billion of Berkshire Hathaway stock in the last three months. Also available in French and Mandarin. But the company has so far only announced one large acquisition during the coronavirus crisis — a Berkshire’s holdings of cash and short-term Treasury bills — money it can, in theory, use to make big acquisitions in the future — rose to $146.6 billion in the second quarter from $137.2 billion in the first quarter.Burlington Northern Santa Fe, Berkshire’s large North American railway operation, reported a fall in revenue in the second quarter as the pandemic contributed to a decline in the volume of goods it transports.
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