Summary by Moomoo AI
Berkshire Hathaway reported Q2 2024 net earnings of $30.3 billion, with operating earnings showing strong growth driven by its insurance businesses. Insurance underwriting profits surged to $2.8 billion pre-tax, while insurance investment income rose 40% to $4.1 billion, benefiting from higher interest rates on Treasury holdings.The company's non-insurance businesses delivered mixed results. BNSF railroad earnings remained relatively flat at $1.2 billion, while Berkshire Hathaway Energy's profits declined to $655 million. Manufacturing, service and retailing operations generated $3.2 billion in earnings, down 5.3% from Q2 2023, reflecting lower earnings from service and retail businesses despite manufacturing gains.Berkshire maintained a strong financial position with $271.5 billion in cash and Treasury Bills as of June 30, 2024, up significantly from year-end 2023. The company repurchased $2.9 billion of its shares in the first half of 2024 and completed the acquisition of the remaining 20% stake in Pilot for $2.6 billion in January. Investment gains of $23.9 billion were recorded in Q2, primarily from changes in market values of equity holdings.
