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Buffett’s Berkshire Hathaway Swings to $36B Profit, Apple Stake Swells in Q2

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1 year ago

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Warren Buffet’s Berkshire Hathaway (BRK.A; BRK.B) swung to a profit in the second quarter, boosted by its insurance business and investment gains.

Key Takeaways

  • Berkshire Hathaway swung to a profit of $35.9 billion in the second quarter after losing $43.6 billion a year ago.
  • The company’s stake in Apple ballooned to $177.6 billion by the end of the quarter.
  • Berkshire added more than $16 billion to its nearly $150 billion cash stockpile last quarter.

Berkshire reported net income of $35.9 billion on total revenue of $92.5 billion. In the same period last year, the company reported a net loss of $43.6 billion on $76.2 billion in revenue. Second-quarter earnings were hamstrung last year by $66.9 billion in losses on investments and derivatives contracts while, this year, investments contributed $33.1 billion to earnings.

Berkshire reported a 14% increase in revenue from insurance premiums, helping lift total sales. The conglomerate’s railroad, utilities, and energy segment more than doubled revenue to $26.9 billion.

Buffett’s 5.8% stake in Apple (AAPL) continues to be the backbone of Berkshire’s equity portfolio. Apple has been a leader of this year’s market rally, surging 50% in the first half of the year. That’s added $26.6 billion to Buffett’s stake, which at the end of the quarter totaled $177.6 billion and made up 50% of Berkshire’s equity investments.

Buffett’s bet on Japanese commodity trading houses also paid off in the second quarter as all five firms beat net-income estimates for the quarter. Buffett raised his stake in the companies to an average of more than 8.5% in June.

Berkshire continued to grow its massive cash stockpile, adding $16.7 billion in cash and short-term securities in the quarter. Total cash now stands at $147.4 billion.

Class B shares of Buffett’s conglomerate were up 14% this year ahead of the report and closed on Friday at $349.99, near their record high of $362, reached in March 2022.

Berkshire Hathaway year-to-date returns as of Aug. 4, 2023.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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3 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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