reported Saturday a huge year-over-year increase in operating earnings in the first quarter, while its cash holdings bubbled to record levels.
The Warren Buffett-led conglomerate posted an operating profit — which encompasses earnings from the company's wholly owned businesses — that surged 39% to $11.22 billion from the year-earlier period. That gain was led by a 185% year-on-year increase in insurance underwriting earnings to $2.598 billion from just $911 million. Insurance investment income also swelled 32% to more than $2.5 billion.
Berkshire's railroad business raked in $1.14 billion in profit, down slightly from the first quarter of 2023. Its energy division saw earnings nearly double to $717 million from $416 million a year prior.First-quarter net earnings, which include fluctuations from Berkshires stock investments, fell 64% to $12.7 billion. However, this is because of massive gains in Berkshire's stock portfolio as the market surged to start 2023.
Year to date, Berkshire Class A shares are up more than 11%, reaching an all-time high in late February. The Class B stock, meanwhile, has gained more than 12% in that time.
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