Quarterly figures presented
Warren Buffett’s company makes $35.5 billion in profit
05/06/2023, 8:15 p.m
Warren Buffett has run Berkshire Hathaway for nearly six decades. The billionaire turned the once-ailing textile company into a conglomerate with dozens of companies. And that with great success. The investment company’s latest quarterly report sets an exclamation mark.
Warren Buffett’s investment company Berkshire Hathaway made a profit of $35.5 billion in the first quarter. This reflects gains from stocks like Apple, higher other investment returns and a recovery in auto insurer Geico, the company said. Berkshire also accelerated its share repurchase program, acquiring $4.4 billion in shares. At the same time, investments in other companies such as Chevron have been reduced.
Net income increased to $35.5 billion from $5.58 billion in the same period last year. This also reflects the 27 percent increase in Apple’s share price. Operating profit increased 13 percent to $8.07 billion.
92-year-old billionaire Buffett has run Berkshire since 1965, transforming the company from a troubled textile company into a conglomerate with dozens of companies, including BNSF railroad, Berkshire Hathaway Energy, and manufacturing and retail units including See’s Candies and Dairy Queen ice cream .
Four subsidiaries in creditor protection
The portfolio is constantly under scrutiny: It was only announced at the end of April that the investment company was sending four companies acquired in 2007 to Chapter 11 bankruptcy protection in connection with asbestos, talc and environmental claims. Berkshire said Whittaker Clark & Daniels Inc, Brilliant National Services Inc, Terminals Inc and Soco West Inc went out of business in 2004 and sold all of their business assets before being acquired by Buffett’s investment company.
Berkshire explained that the four companies continued to face debt. In March, a South Carolina jury ordered former talc supplier Whittaker Clark to pay more than $29 million to a woman the law firm said was exposed to cosmetic products containing talc asbestos. Berkshire said the four companies have filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the District of New Jersey.