Berkshire buybacks hit $9.6 billion as Q3 profit fell 28%
What's new: Operating earnings slipped 5.8%, while cash rose to $377.4 billion despite heavier share repurchases.
Berkshire Hathaway repurchased $9.6 billion of its own stock in the third quarter, more than double the $4.5 billion it bought back in the prior quarter, even as profit declined. The conglomerate reported overall earnings of $22.112 billion, down 28% from a year earlier, while operating earnings fell 5.8% to $12.705 billion. Insurance underwriting dropped 43% to $1.352 billion and insurance investment income fell 14% to $2.734 billion. Earnings from the railroad, energy and manufacturing units increased from a year ago. Berkshire’s cash pile rose 3% to $377.435 billion from the second quarter, though adjusted cash holdings were $352.3 billion.