Warren Buffett's company said its first-quarter profits soared along with the paper value of its investment portfolio
— giving the thousands of shareholders who will fill an arena Saturday to listen to the billionaire and several other top executives"It's a once in a lifetime opportunity," said Chloe Lin, who traveled from Singapore to attend the meeting for the first time and learn from Buffett and hisBerkshire’s shareholders meeting always attracts throngs of people who admire the two investors and want to hear whatever wisdom they have to offer about recent events and life lessons.
Berkshire Hathaway said Saturday morning that it made $35.5 billion, or $24,377 per Class A share, in the first quarter. That's more than 6 times last year's $5.58 billion, or $3,784 per share. The three analysts surveyed by FactSet expected Berkshire to report operating earnings of $5,370.91 per Class A share.
Berkshire's insurance unit, which includes Geico and a number of large reinsurers, recorded a $911 million operating profit, up from $167 million last year, driven by a rebound in Geico's results. Geico benefitted from charging higher premiums and a reduction in advertising spending and claims. Berkshire again faces pressure from activist investors urging the company to do more to catalog its climate change risks in a companywide report. Shareholders were expected to brush that measure and all the other shareholder proposals aside Saturday afternoon because Buffett and the board oppose them, and Buffett controls more than 30% of the vote.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Profits jump at Buffett's company ahead of annual meetingWarren Buffett's company said its first-quarter profits soared along with the paper value of its investment portfolio — giving the thousands of shareholders...
Read more »
Apple hands Warren Buffett's Berkshire Hathaway a $214 million payout ahead of shareholder weekendApple hands Warren Buffett’s Berkshire Hathaway a $214 million payout ahead of shareholder weekend
Read more »
7 stocks that fit Warren Buffett's buying criteria ahead of Berkshire's annual meetingCNBC Pro sought to identify names that fit the criteria Warren Buffett looks for when buying a company.
Read more »
92-year-old Warren Buffett won't be replaced anytime soon, Berkshire board member saysInvestors shouldn't expect a change of leadership at the top of Berkshire Hathaway anytime soon, even though Chairman Warren Buffett is 92 and his partner...
Read more »
Berkshire Hathaway’s annual meeting is here: What to expect from Warren Buffett and Charlie MungerWarren Buffett is set to kick off Berkshire Hathaway's annual shareholder meeting Saturday. Here's your complete guide for the highly anticipated event.
Read more »
5 key questions for Warren Buffett at Saturday's Berkshire annual meetingBillionaire investor Warren Buffett and 'right-hand man' Charlie Munger hold court Saturday. Investors want answers to these questions.
Read more »