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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.

However, Berkshire did post a net loss of $2.69 billion in the third quarter, versus a $10.34 billion gain a year before. The quarterly loss was primarily due to a plunge in Berkshire’s equity investments amid the market’s rollercoaster ride.

Berkshire endured a $10.1 billion loss on its investments during the quarter, bringing its 2022 slump to $63.9 billion. The legendary investor told investors again that the amount of investment losses in any given quarter is “usually meaningless.”

Shares of Buffett’s conglomerate have been outperforming the broader market this year, with Class A shares dipping about 4% versus the S&P 500′s 20% decline. The stock slipped 0.6% in the third quarter.