Berkshire Hathaway, the conglomerate run by billionaire Warren Buffett, on Saturday reported a 67 per cent increase in quarterly operating profit, as insurance underwriting rebounded and several businesses benefited from a growing economy and improving demand.
Results topped analyst forecasts, as underwriting profit at the Geico auto insurance unit more than quintupled, while earnings surged at the BNSF railroad and rose in Berkshire's service and retailing operations.
Net income, meanwhile, nearly tripled, though that reflected a new accounting rule requiring Berkshire to report unrealised gains on its stock investments with earnings. Mr Buffett says that rule distorts net results and can mislead investors.
Berkshire said second-quarter operating profit rose to $6.89 billion, or roughly $4,190 per Class A share, from $4.12bn, or $2,505 per share, a year earlier. Analysts on average expected operating profit of $3,387 per share, according to Thomson Reuters data.
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Net income rose to $12.01bn, or $7,301 per Class A share, from $4.26bn, or $2,592 per share, a year earlier.
Book value per Class A share, which reflects assets minus liabilities and is a preferred measure of growth for Mr Buffett, rose 3 per cent from the end of March to $217,677.
Berkshire also ended June with $111.1bn of cash and equivalents, some of which Mr Buffett could use to repurchase stock under a new policy giving him, and Vice Chairman Charlie Munger, more freedom to conduct buybacks as big acquisitions have been hard to find.
Mr Buffett has made no major acquisitions for Berkshire since the $32.1bn purchase of aircraft parts maker Precision Castparts in January 2016.
He has spent some money on stocks, and Berkshire said it ended June with a $47.2bn stake in iPhone maker Apple.
The company said it has not bought back stock in 2018.
Class A shares of Berkshire closed Friday at $304,671, or 7 per cent below their January 29 peak, while Class B shares closed at $200.24, or 8 per cent below its peak on the same day.
PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
