Explore the latest developments concerning Berkshire Hathaway, Under.
Berkshire earnings rose last quarter and CEO Greg Abel is starting to deploy Buffett's massive cash hoard
Berkshire Hathaway's operating earnings climbed 16% in the second quarter as strength across its energy, railroad and manufacturing businesses more than offset weaker insurance results.
But the bigger takeaway from the results is that CEO Greg Abel, 64, is starting to put the record cash hoard amassed by Warren Buffett to work on buybacks and stock purchases.
Operating earnings rose to $12.98 billion from $11.16 billion a year earlier. Manufacturing, service and retailing earnings jumped 24% to $4.47 billion, while Berkshire Hathaway Energy's profit surged 27% to $891 million. BNSF, the company's railroad, posted a 6% increase to $1.56 billion.
Insurance was a weak spot. Underwriting earnings fell 13% to $1.73 billion from $1.99 billion a year earlier, while insurance investment income declined 9% to $3.06 billion.
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