05/04/2024 – 9:44
Berkshire Hathaway recorded net profit of US$12.702 billion in the first quarter of 2024, a drop of 64.2% compared to the same period in 2023, according to a report released recently. The result corresponds to earnings per share (EPS) of US$8,825 for class A shares and US$5.88 for class B shares.
In the same period last year, the manager – which has Warren Buffett as CEO – had net profit of US$35.504 billion, and EPS of US$24,377 and US$16.25 for class A and B shares, respectively.
Despite the 64% drop in net profit in one year, Dow Jones points out that analysts expected the drop to be even greater, 72%.
Operating profits jumped 39% year-on-year, to US$11.222 billion. Analysts, according to Dow Jones, expected operating earnings per share to rise to $4.47, with revenues rising 2% to just over $87 billion.
The company bought back $2.6 billion worth of shares in the first quarter, up from $2.2 billion in the fourth quarter of 2023.
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