Biglari Holdings Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance across its various business segments. For the third quarter of 2024, the company generated revenues of $90.4 million, a slight decrease from $90.9 million in the same period of 2023. Year-to-date revenues for the first nine months totaled $271.0 million, down from $274.7 million in the prior year.

The restaurant operations segment showed resilience, with revenues increasing to $62.4 million in the third quarter of 2024 from $61.9 million in the previous year. For the first nine months, restaurant revenues rose to $188.9 million, compared to $187.5 million in 2023. The increase in restaurant sales was attributed to a 5.4% rise in same-store sales during the third quarter.

In contrast, the insurance operations reported a revenue increase to $18.2 million in the third quarter, up from $16.6 million in 2023, and $53.7 million for the first nine months, compared to $50.4 million in the prior year. However, the oil and gas segment experienced a decline, with revenues falling to $9.6 million in the third quarter from $12.2 million in 2023, and $27.8 million for the first nine months, down from $35.1 million.

Profitability metrics showed significant improvement in the third quarter, with net earnings of $32.1 million compared to a net loss of $56.5 million in the same quarter of 2023. Year-to-date net earnings were $6.5 million, down from $10.9 million in the previous year. Earnings before income taxes for the third quarter were $43.3 million, a stark contrast to a loss of $74.0 million in the same period last year.

The company’s total assets increased to $865.1 million as of September 30, 2024, up from $849.4 million at the end of 2023. Shareholders’ equity also rose to $601.8 million from $599.3 million. Cash and cash equivalents increased to $29.9 million, while investments grew to $102.9 million.

Strategically, Biglari Holdings amended its line of credit on September 13, 2024, increasing the available amount to $35 million, with a balance of $9 million as of September 30, 2024. The company continues to operate 468 restaurants, including 143 company-operated locations, with plans to sell or lease several closed stores.

Overall, while Biglari Holdings faced challenges in certain segments, particularly in oil and gas, it demonstrated resilience in its restaurant and insurance operations, leading to a notable recovery in profitability during the third quarter.