Hurricanes, earthquake drag down 3rd-qtr profit at Buffett's Berkshire [Reuters]
Berkshire Hathaway Inc. New (BRK.B)
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Source: Reuters
Hurricanes, earthquake drag down 3rd-qtr profit at Buffett's Berkshire | Reuters 5 Min Read (Reuters) - Bad weather hurt Warren Buffett’s Berkshire Hathaway Inc in the third quarter, as insurance losses tied to Hurricanes Harvey, Irma and Maria and an earthquake in Mexico contributed to a 43 percent drop in profit. Berkshire on Friday said it lost $3 billion before taxes, or $1.95 billion after-tax, from the disasters, leaving its Geico auto insurance, General Re reinsurance and Berkshire Hathaway Reinsurance units with underwriting losses for the year. Insurance typically accounts for about one-fourth of Berkshire’s overall profit. Berkshire has roughly 90 businesses in such sectors as chemicals, energy, food and retail and industrial products. It also owns the BNSF railroad. Jim Shanahan, a senior analyst at Edward Jones & Co, said the disaster losses were higher than he had expected, given how pricing pressures had caused Berkshire to retrench from some business, but said sharehold
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BRK.B
News
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- Buffett's Property Brokerage Reaches Settlement in Realtor Case [BNN Bloomberg (Canada)]BNN Bloomberg
- 20 Things People Waste the Most Money On [Yahoo! Finance]Yahoo! Finance
- Buffett-owned real estate brokerage pays $250 million to settle claims that agent commissions break antitrust law [Fortune]Fortune
BRK.B
Earnings
- 2/26/24 - Beat
BRK.B
Sec Filings
- 4/26/24 - Form 8-K
- 4/22/24 - Form 424B5
- 4/18/24 - Form FWP
- BRK.B's page on the SEC website