Bad weather rains on Berkshire Hathaway’s first quarter parade
Profits at Berkshire Hathaway Inc (NYSE:BRK.A) slumped in the first quarter of 2017 after its insurance business was hit by higher-than-expected damages linked to catastrophes last year.
The Warren Buffett-owned conglomerate said it had been forced to shell out millions in 2016 as a result of several high-profile natural disasters, including a devastating cyclone in Australia.
Those catastrophes weighed on the group’s bottom line, which sunk to US$4.06bn, or US$2,649 per share, missing Wall Street expectations of US$4.37bn, or US$2,655 per share.
The troubles in the insurance arm masked some decent gains elsewhere in Berkshire’s vast portfolio of companies, including the BNSF railroad, where profits climbed 7% year-on-year to US$838mln.
Book value and cash pile rises
Billionaire Buffett isn’t a fan of using profits as a way of assessing the performance of the company.
Instead he prefers to use the book value (assets minus liabilities) for the firm’s Class A shares as a barometer for more long-term performance. That rose 3.5% in the first three months of 2017 to US$178,073.
Cash and cash equivalents on the group’s balance sheet rose to a record US$96.5bn, with analysts estimating that Berkshire has more than US$70mln in cash that it could spend immediately.
Shares in Berkshire – which is valued at more than US$400bn – opened 1% lower on Monday at US$247,560.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/177451/bad-weather-rains-on-berkshire-hathaways-first-quarter-parade-177451.html
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