- Warren Buffett’s Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) has repurchased $6 billion of its own stock in the second quarter, bringing the total buybacks to more than $37 billion since the end of 2019, Bloomberg reports.
- The company’s second-quarter operating profit rose 21% to $6.69 billion, about $4,424 per Class A share, from $5.51 billion, about $3,463 per share.
- The net income, including gains from investments such as Apple Inc AAPL and Bank of America Corp BAC, rose 7% to $28.1 billion, or $18,488 per Class A share, from $26.3 billion, or $16,314 per share, a year earlier.
- Chairman and CEO Buffett has been buying back Berkshire shares instead of making new acquisitions.
- In 2020, the company bought $24.7 billion of its own stock.
- According to Berkshire's second-quarter report, earnings from railroads, utilities, and energy jumped more than 27% from a year ago in the period to $2.26 billion.
- “The COVID-19 pandemic adversely affected nearly all of our operations during 2020 and in particular during the second quarter, although the effects varied significantly,” Berkshire said in the earnings report.
- Berkshire has said that the risks from the pandemic remain and could impact its results in the future.
- At the end of June, Berkshire’s cash pile stood at $144.1 billion.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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