Warren Buffett’s Berkshire Hathaway Inc on Saturday reported improved operating results as its rebound from the pandemic continues.
Berkshire reaped better operating
profits even as it cut back some stock holdings and boosted its cash hoard to a record.
Berkshire also repurchased $7.6 billion of its own stock in the third quarter.
The repurchases and other stock market activity suggest Buffett sees greater value in his own company than in others.
Indeed, Berkshire ended September with $149.2 billion of cash and equivalents, and sold about $2 billion more stock than it bought in the quarter.
Third-quarter operating profit rose 18% to $6.47 billion, or about $4,331 per Class A share, from $5.48 billion in the year-earlier period.
Net income declined 66% to $10.3 billion, or $6,882 per Class A share, from $30.1 billion, reflecting lower unrealized gains on Berkshire’s common stock holdings including Apple Inc and Bank of America Corp.
The share repurchases boosted total buybacks to $20.2 billion this year, and close to $45 billion since the end of 2019.
Berkshire’s share count declined further in October, suggesting it repurchased another $1.7 billion of its own stock.