Financial Performance - Total revenues for the first quarter of 2024 reached $89,869 million, an increase of 5.8% compared to $85,393 million in the same period of 2023[13] - Net earnings attributable to Berkshire Hathaway shareholders for Q1 2024 were $12,702 million, a decrease of 64.2% from $35,504 million in Q1 2023[13] - Comprehensive income attributable to Berkshire Hathaway shareholders for the first quarter of 2024 was $12.415 billion, compared to $35.580 billion in the first quarter of 2023[30] - For the first quarter of 2024, net earnings were $12.832 billion, a decrease from $35.757 billion in the first quarter of 2023[30] - Total net earnings attributable to Berkshire Hathaway shareholders were $12,702 million in Q1 2024, compared to $35,504 million in Q1 2023[93] Revenue Breakdown - Insurance premiums earned increased to $21,474 million, up from $19,796 million, reflecting a growth of 8.5% year-over-year[13] - Total revenues for operating businesses increased to $89,869 million in Q1 2024 from $85,393 million in Q1 2023, representing a growth of approximately 2.9%[77] - Insurance segment total revenues rose to $24,638 million in Q1 2024, up from $22,188 million in Q1 2023, reflecting an increase of about 11%[77] - GEICO's revenues increased to $10,234 million in Q1 2024, compared to $9,626 million in Q1 2023, marking an increase of approximately 6.3%[77] - The Pilot segment generated revenues of $12,503 million in Q1 2024, significantly up from $9,508 million in Q1 2023, reflecting a growth of about 31.4%[77] Investment Performance - Investment gains for the first quarter of 2024 were $1,876 million, significantly lower than $34,758 million in the same quarter of the previous year[13] - The total fair value of investments in equity securities as of March 31, 2024, was $335.864 billion, with a cost basis of $103.753 billion, resulting in net unrealized gains of $232.111 billion[22] - Total investments in equity securities amounted to $335,864 million as of March 31, 2024, compared to $353,842 million as of December 31, 2023, showing a decrease of approximately 5.1%[66] - Pre-tax investment gains in Q1 2024 included $14.2 billion from sales of equity securities, compared to $2.2 billion in Q1 2023[165] Cash and Liquidity - Cash and cash equivalents at the end of Q1 2024 were $36,160 million, an increase of 32.4% from $27,298 million at the end of Q1 2023[44] - The company repurchased $2.6 billion of common stock in Q1 2024, maintaining a cash reserve of $182.3 billion, which includes $156.2 billion in U.S. Treasury Bills[172] - Berkshire's consolidated cash, cash equivalents, and U.S. Treasury Bills holdings must remain above $30 billion for stock repurchases to occur[196] Liabilities and Equity - Total liabilities as of March 31, 2024, were $492,250 million, down from $499,208 million at the end of 2023, representing a decrease of 1.9%[4] - Shareholders' equity increased to $577,785 million as of March 31, 2024, compared to $567,509 million at the end of 2023, marking a growth of 1.9%[4] - Estimated liabilities for unpaid losses and loss adjustment expenses from insurance contracts were approximately $146 billion as of March 31, 2024[183] Taxation - The consolidated effective income tax rate for Q1 2024 is 18.3%, compared to 20.1% in Q1 2023[60] - The effective income tax rate for Berkshire Hathaway was 21.9% in Q1 2024, down from 24.3% in Q1 2023[103] - Berkshire's effective income tax rate for Q1 2024 was 21.0%, slightly up from 20.9% in Q1 2023[169] Legal Matters - A jury awarded $90 million in damages to plaintiffs in the James case, including $68 million in noneconomic damages and $18 million in punitive damages[65] - The Multnomah County Circuit Court awarded $92 million in damages based on the June 2023 James case verdict, with interest accruing at 9% per annum[65] - The company has recorded a provision for loss contingency related to wildfire damages, which includes estimates for fire suppression costs and property damages[65] Operational Highlights - The company reported a decrease in selling, general and administrative expenses to $4,773 million from $5,602 million, a reduction of 14.7%[13] - The company recorded a one-time, non-cash remeasurement gain of approximately $3,000 million from the acquisition of Pilot Travel Centers in Q1 2023[47] - The company reported a net cash outflow from investing activities of $3,203 million in Q1 2024, an improvement from a net outflow of $7,919 million in Q1 2023[44] Segment Performance - After-tax earnings from utilities and energy business increased by $301 million in Q1 2024, reflecting higher earnings from U.S. regulated utilities and natural gas pipelines[86] - After-tax earnings for U.S. utilities increased by $213 million in Q1 2024, reflecting a 1.4% increase in electric utility margin to $1.7 billion, despite a 0.3% decline in retail customer volumes[136] - After-tax earnings from natural gas pipelines rose by $130 million (35.2%) in Q1 2024, attributed to lower operating expenses and increased margin on gas sales[136]
Berkshire Hathaway(BRK_A) - 2024 Q1 - Quarterly Results