Berkshire Hathaway Inc. reported significant financial developments in its 10-Q filing for the third quarter of 2024, showcasing a robust recovery in net earnings and strategic acquisitions. For the third quarter, net earnings attributable to shareholders surged to $26.3 billion, a stark contrast to a loss of $12.8 billion in the same period of 2023. This recovery was bolstered by substantial investment gains of $20.5 billion, compared to a loss of $29.8 billion in the prior year.
Total revenues for the third quarter reached $92.8 billion, slightly down from $93.2 billion in the previous year. Notably, insurance premiums earned increased to $22.1 billion from $21.4 billion, while interest, dividend, and other investment income rose to $5.9 billion from $4.0 billion. For the first nine months of 2024, net earnings were $69.3 billion, up from $58.6 billion in 2023.
Berkshire's strategic maneuvers included the acquisition of the remaining 20% interest in Pilot Travel Centers for $2.6 billion, completed in January 2024, following an earlier acquisition of an 80% stake in January 2023. This consolidation is expected to enhance revenue streams from Pilot, which reported a decline in revenues to $10.6 billion for the first nine months of 2024, down from $37.4 billion in the same period of 2023.
The company also saw a notable increase in its short-term investments in U.S. Treasury Bills, which rose to $288.0 billion from $129.6 billion at the end of 2023. However, investments in equity securities decreased to $271.7 billion from $353.8 billion, reflecting market conditions and strategic asset management.
Berkshire's total assets in the Insurance and Other segment increased to $884.0 billion, while the Railroad, Utilities, and Energy segment rose to $1.15 trillion. Total liabilities also grew to $515.4 billion, up from $499.2 billion at the end of 2023. Shareholders' equity increased significantly to $629.1 billion, marking a $67.8 billion rise since December 31, 2023.
In terms of operational performance, GEICO reported a 7.3% increase in premiums written for the third quarter, while Berkshire Hathaway Energy (BHE) experienced a substantial increase in net earnings, rising to $1.6 billion from $498 million in the previous year. The overall pre-tax underwriting earnings for the insurance segment decreased in Q3 2024, reflecting the impact of significant catastrophe events, including Hurricane Milton.
Overall, Berkshire Hathaway's financial performance in Q3 2024 reflects a strong recovery trajectory, driven by strategic acquisitions, increased insurance premiums, and a rebound in investment gains.
About BERKSHIRE HATHAWAY INC
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