Berkshire surprised with record buybacks, but pace slowed as the stock rose
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Berkshire Hathaway reported record stock repurchases of $9.6 billion in its third-quarter results.
- ✓The company got less aggressive in October as the share price went up, with buybacks slowing to $2 billion.
- ✓Many investors wanted the firm to spend more of its cash, and the company finally delivered this time.
Story at a Glance
- Category
- Indian Markets
- Reported By
- mint
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
Summary
Also noteworthy from the company's third-quarter results were big revenue and earnings gains for the company's railroad unit, BNSF, and a drop in profits for its huge insurance group.
Berkshire Hathaway's record stock repurchases were the highlight of the company's third-quarter results, but the company became less aggressive in October as the share price went up.
The company's operating earnings of $13 billion after taxes -- adjusting for one-time, noncash currency losses -- were down less than 1% year over year, Barron's calculates. Those results were somewhat better than Wall Street was expecting.
There were some notable pluses in Saturday's report, including the record $9.6 billion of stock buys, exceeding the prior quarterly peak of $9 billion in 2020's fourth quarter. That indicates CEO Greg Abel and controlling shareholder Warren Buffett, who oversee the program, thought the stock was cheap.
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
mint
Read the full, original unfiltered story directly on the publisher's portal.
This brief is for information only and is not investment advice. ArthNow is not a SEBI-registered investment adviser and does not publish buy or sell recommendations. Original reporting is credited to the publisher named above. Read our editorial policy or report an error.