Berkshire Hathaway’s Operating Earnings Skyrocket 20%, Conglomerate Repurchases $1 Billion in Stock

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Warren Buffett CEO of Berkshire Hathaway
Warren Buffett CEO of Berkshire Hathaway

Berkshire Hathaway on Saturday shared a robust gain in operating profits during the third quarter despite the increasing recession fears, while its CEO Warren Buffett kept buying back his stock at a modest pace.

The Omaha-based conglomerate’s operating earnings totaled $7.761 billion in the third quarter, up 20% from the year-earlier period.

Insurance-investment income stood at $1.408 billion, up from $1.161 billion a year earlier. Earnings from the firm’s utilities and energy businesses came in at $1.585 billion, up from $1.496 billion year over year. Insurance underwriting grappled with a loss of 962 million, while railroad earnings slumped to $1.442 billion from $1.538 billion in 2021.

Berkshire spent $1.05 billion in share repurchases during the quarter, bringing the nine-month total to $5.25 billion. The buyback pace was in line with the $1 billion bought in the second quarter. Repurchases were well below CFRA’s expectation as its analyst estimated it would be similar to the $3.2 billion total in the first quarter.