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Berkshire Hathaway-A | 10-K: FY2023 Annual Report

SEC ·  Feb 26 06:15

Summary by Moomoo AI

Berkshire Hathaway Inc. reported a significant increase in net earnings attributable to shareholders for the year ended December 31, 2023, totaling $96.2 billion, compared to a loss of $22.8 billion in the previous year. This increase was largely due to after-tax investment gains of approximately $58.9 billion. The company's insurance underwriting business saw after-tax earnings of $5.4 billion, a notable improvement from a negligible loss in the prior year, driven by lower losses from significant catastrophe events and improved underwriting results at GEICO. Berkshire Hathaway's railroad operations, BNSF, experienced a 14.4% decrease in after-tax earnings due to lower freight volumes and higher non-fuel operating costs, partially offset by lower fuel costs. Berkshire Hathaway Energy reported a 40.3% decrease in after-tax earnings...Show More
Berkshire Hathaway Inc. reported a significant increase in net earnings attributable to shareholders for the year ended December 31, 2023, totaling $96.2 billion, compared to a loss of $22.8 billion in the previous year. This increase was largely due to after-tax investment gains of approximately $58.9 billion. The company's insurance underwriting business saw after-tax earnings of $5.4 billion, a notable improvement from a negligible loss in the prior year, driven by lower losses from significant catastrophe events and improved underwriting results at GEICO. Berkshire Hathaway's railroad operations, BNSF, experienced a 14.4% decrease in after-tax earnings due to lower freight volumes and higher non-fuel operating costs, partially offset by lower fuel costs. Berkshire Hathaway Energy reported a 40.3% decrease in after-tax earnings, mainly due to increased wildfire loss estimates. The manufacturing, service, and retailing segment reported a slight increase in earnings, while investment and derivative contract gains included a substantial $3 billion non-cash gain related to the remeasurement of Berkshire's pre-existing interest in Pilot Travel Centers LLC (PTC). The company began consolidating PTC's financial statements in February 2023 after acquiring an additional 41.4% interest, increasing its stake to 80%. Berkshire Hathaway's common stock repurchase program continued, with $9.2 billion spent on share repurchases. The company's balance sheet reflects strong liquidity and a robust capital base, with shareholders' equity at $561.3 billion, an $87.8 billion increase from the previous year. The company's insurance and other businesses held $163.3 billion in cash, cash equivalents, and U.S. Treasury Bills, including $133.4 billion in U.S. Treasury Bills. Total borrowings stood at $128.3 billion, with over 95% attributed to Berkshire, BHFC, BNSF, BHE, PTC, and their subsidiaries. The company's capital expenditures for property, plant, and equipment, and equipment held for lease were $19.4 billion, with BNSF and BHE accounting for $13.1 billion of that amount. Berkshire Hathaway's financial position remains strong, with significant cash flows generated by its diverse group of businesses.

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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