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Strong earnings growth for Buffetts Berkshire – Warren Buffett – Stock market and finance



The Berkshire Hathaway conglomerate closed the first quarter of the year with a profit after tax of $ 21.7 billion, corresponding to $ 188 billion. Earnings per share amounted to $ 13,209.

For comparison, the conglomerate controlled by Warren Buffett had a profit after tax of minus $ 1.1 billion, or minus $ 692 per share in the same quarter last year.

The very good result comes after the revival of the global stock market in the first quarter. $ 16.1 billion of the result comes directly from the increase in shares owned by the conglomerate, according to the company report.

The operating result for the first quarter ended at $ 5.55 billion, corresponding to $ 3,388 per A share.

According to a consensus estimate achieved by Refinitiv, the operating result is expected to end at $ 5.7 billion, or $ 3,390 per share, writes the Financial Times.

Purchased Amazon shares

Berkshire Hathaway has ownership interests in Apple, Bank of America, Coca-Cola and Kraft Heinz. On Thursday evening, Buffett announced that the company has now also purchased shares in Amazon.

"One of the men in the office who manages the money has bought something in Amazon, so it appears in the report later in May," Buffett told CNBC.

According to CNBC, one of the & # 39; boys & # 39; to Todd Combs or Ted Weschler who each have a portfolio of more than $ 13 billion. This corresponds to NOK 113 billion each.

The fact that he did not make the investments himself does not mean that the investor legend has something against Amazon.

"Well, I've been a fan for a long time and I've been an idiot who didn't buy stock," Buffett said.

Woodstock for capitalists

Saturday's quarterly report is presented in connection with the company holding its general meeting on the same day in Omaha, Nebraska.

Tens of thousands of shareholders in the company are expected to attend the general meeting, which is expected to last approximately five hours. The event is usually called Woodstock for capitalists. A documentary film with the same name was previously made about the famous event.

During the general meeting, Buffett and vice-chairman Charlie Munger are expected to take the stage to talk about their investment philosophy and to give their opinion on the economic situation in the world.

Does not vote in the Kraft Heinz annual report

In connection with the general meeting, Buffett came up with news about the crisis in supermarket manufacturer Kraft Heinz, one of Berkshire's largest investments.

– The accountant, in this case Pricewaterhouse, has not approved 10-k (the company's annual report stated), they have to explain why they have not approved it, but they have not … it's something that happens, Buffett said CNBC.

In the fourth quarter, Kraft Heinz had to record an accounting loss of $ 15.4 billion, which corresponds to $ 133 billion, due to impairments of previous acquisitions and goodwill. At the same time, it was known that the US Stock Exchange and the Financial Supervisory Authority (SEC) had initiated book audits in the company.

Two weeks ago, Kraft Heinz confirmed that CEO Bernardo Hees is leaving the company on 30 June. Former director Miguel Patricio of beverage manufacturer Anheuser-Busch InBev will take over the position of CEO.


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