Salem Radio Network News Sunday, May 29, 2022

Business

Buffett’s Berkshire says operating profit nearly unchanged

OMAHA, Neb. (Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Saturday said quarterly operating profit was little changed from last year, as improved results from manufacturing, services and retailing businesses offset lower profit from insurance underwriting.

The conglomerate also said it repurchased $3.2 billion of its own stock in the quarter, on top of committing more than $18 billion to the purchase of insurer Alleghany Corp and the stock of Occidental Petroleum Corp.

First-quarter operating profit edged up to $7.04 billion from $7.02 billion a year earlier.

Net income totaled $5.46 billion, or $3,702 per Class A share, compared with $11.71 billion, or $7,638 per Class A share, a year earlier.

Berkshire released results ahead of its first in-person annual shareholder meeting since 2019 in Omaha, Nebraska, where the company is based.

(Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Catherine Evans)

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