Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Berkshire Hathaway Inc. News Release

05/04/2012 | 05:05pm US/Eastern

Berkshire Hathaway (BRK.A; BRK.B):

Berkshire's operating results for the first quarter of 2012 and 2011 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarter of 2012 and 2011 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

 

First Quarter

2012

 

2011

 
Operating earnings $ 2,665   $ 1,593  
Investment and derivative gains (losses) -
Sales of investments 149 64
Other-than-temporary impairments of investments * (219 ) (322 )
Derivatives   650     176  
  580     (82 )
Net earnings attributable to Berkshire shareholders $ 3,245   $ 1,511  
 
*   Other-than-temporary impairment losses were offset by a corresponding increase in other comprehensive income. Thus the recognition of these losses during the first quarter had no impact on consolidated shareholders' equity.
Operating earnings per Class A equivalent share   $ 1,615   $ 966
Investment and derivative gains (losses) per Class A equivalent share   351   (49 )

Net earnings per Class A equivalent share attributable to
  Berkshire shareholders

$

1,966

$

917

 
 
Average Class A equivalent shares outstanding 1,650,944 1,648,411
 

Note: Per share amounts for the Class B shares are 1/1,500th of those shown for the Class A.

An analysis of Berkshire's operating earnings follows (dollar amounts are in millions).

 

First Quarter

2012

 

2011

 
Insurance-underwriting $ 54

$

(821

)*

Insurance-investment income 791 952
Non-insurance businesses 1,997 1,562
Other   (177 )   (100 )
Operating earnings $ 2,665   $ 1,593  
 
*   Includes estimated after-tax losses from catastrophes (earthquakes in Japan and New Zealand and floods and a cyclone in Australia) of approximately $1.1 billion.

In the table at the top of the page (which, as noted, reports after-tax results), we give investment and derivative gains (losses) lines of their own because the amounts of these in any given quarter or year is usually meaningless.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire's financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment and derivative gains/losses.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire's operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, under applicable GAAP accounting requirements, losses can be created as the result of other-than-temporary declines in value without actual realization or when certain types of investments are marked-to-market through earnings. In sum, investment and derivative gains/losses for any particular period are not indicative of quarterly business performance.

About Berkshire

Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

Cautionary Statement

Certain statements contained in this press release are "forward looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

Berkshire Hathaway
Marc D. Hamburg, 402-346-1400


© Business Wire 2012
React to this article
Latest news
Date Title
09:25a BOYUAN CONSTRUCTION : to Host Conference Call for Fiscal 2016 Second Quarter Financial Results on February 16, 2016 at 12:00 P.M. (ET)
09:24a DETERMINE : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)
09:24a AB Foods To Make Offer For Remaining Shares In Illovo Sugar
09:24a Starrex Intends to Restate Its 2014 Audited Financial Statements and Updates Previous News Releases Regarding Re-Filings of Financial Statements and Management Cease-Trade Order
09:23a DIAMOND BANK : Ex-Lawmaker, Abike Dabiri-Erewa, Returns to Journalism
09:22a DEA CAPITAL : Notification of share buyback
09:22a CMA CANADA SOCIETY OF MANAGEMENT ACCOUNTANTS : Pessimism at highest level since Q1 2009: CPA Canada Business Monitor
09:22a FRONTIER RESOURCES : Replacement - Conditional Subscription, Board changes
09:22a CBS STATISTICS NETHERLANDS : Statistics Netherlands: Trade with Iran picked up before embargo ended
09:22a IMMUNE PHARMACEUTICALS : to Present at 18th Annual BIO CEO & Investors Conference
Latest news
Advertisement
Hot News 
UBS : Offers Two Innovative Australian ETFs Based on Morningstar Indexes
PURICORE : Strategic Review and Trading Update
ACTIVE ENERGY : AEG CoalSwitch Intl. Reveal Event & Developments
MARIANA RESOURCES : Finds Best Intercept To Date At Hot Maden Project In Turkey
ALECTO MINERALS : Strikes Deal To Develop Kossanto West Project With Randgold
Most Read News
12:03a Venture Global Calcasieu Pass and Shell LNG North America Execute Twenty Year LNG Sales and Purchase Agreement
02/07DJSuper Bowl TV Ads Bring Lighter Tone--
12:04a MINISTRY OF PETROLEUM AND NATURAL GAS OF REPUB : Global Crude oil price of Indian Basket was US$ 31.06 per bbl on 05.02.2016
02:59a TAKASAGO : Acquisition of Natural Ingredients Company in U.S.A.
12:02a Gerald Metals SA and Shanghai Pengxin Mining Investment Co., Ltd. Enter into Long-Term Joint Venture Agreement to supply and market Copper and Cobalt
Most recommended articles
09:22a Irish junior coalition party would more than treble bank levy
09:04aDJIndian Telecoms Regulator Effectively Bans Facebook's Free Basics Service -- Update
09:02a Wall St. set to extend selloff on global growth fears
09:00aDJCanadian Building Permits Rose in December -- Update
08:59aDJMetro AG 1Q 2016 -- Forecast