Berkshire Hathaway Inc. . (NYSE:) reported its financial results for the first quarter, showing a significant increase in operating income compared to the same quarter last year.
First quarter net income per average Class A equivalent share was $8,825 and net income per average Class B equivalent share was $5.88.
The conglomerate, led by CEO Warren Buffett, reported operating income of $11.22 billion, up 32% from $8.48 billion in the first quarter of 2023.
The company’s insurance and underwriting operations performed outstandingly, with operating income reaching $2.60 billion, up significantly from $848 million.
Insurance and investment operating income decreased slightly by 5.8% to $2.60 billion.
Berkshire’s operating profit fell 16% to $1.14 billion. However, other controlled businesses contributed $3.09 billion to operating profit, and non-controlled businesses contributed $405 million.
Berkshire Hathaway’s net income for the quarter fell 66% to $12.70 billion.
At the end of the quarter, Berkshire’s cash supply was about $189 billion.