Berkshire Hathaway(BRK_A) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenues for the third quarter of 2024 were $92.995 billion, a slight decrease from$93.210 billion in the same quarter of 2023[7]. - The company reported a net income of $20.514 billion for the third quarter of 2024, compared to a net loss of$29.778 billion in the same quarter of 2023[7]. - Net earnings for the third quarter of 2024 were $26,480 million, compared to a loss of$12,567 million in the same period of 2023, representing a significant turnaround[9]. - Comprehensive income for the third quarter of 2024 was $26,674 million, compared to a loss of$12,619 million in the third quarter of 2023[9]. - Net earnings attributable to Berkshire Hathaway shareholders for the third quarter of 2024 were $26,251 million, compared to a loss of$12,767 million in the same quarter of 2023[8]. - Net earnings for the first nine months of 2024 reached $69,810 million, up from$59,389 million in 2023, representing a growth of approximately 17.5%[11]. - The effective income tax rate for the third quarter of 2024 was 18.5%, down from 25.9% in the same quarter of 2023, reflecting changes in pre-tax earnings and tax benefits[67]. Insurance Operations - Insurance premiums earned increased to $22.055 billion in Q3 2024 from$21.360 billion in Q3 2023, representing a growth of 3.3%[7]. - Total insurance revenues for the first nine months of 2024 were $77.3 billion, compared to$70.0 billion in the same period of 2023, reflecting a growth of approximately 10%[83]. - Insurance underwriting after-tax earnings decreased by $1.7 billion in Q3 2024 compared to Q3 2023, primarily due to estimated losses from Hurricane Helene[85]. - After-tax earnings from insurance investment income increased by$1.2 billion in Q3 2024, driven by higher interest income from U.S. Treasury Bills[85]. - GEICO's pre-tax underwriting earnings for the first nine months of 2024 were $5.747 billion, an increase from$2.270 billion in the same period of 2023[88]. - Premiums written by GEICO increased by $2.5 billion (8.4$20.5 billion, with net earnings of $16.2 billion, compared to a loss of$29.8 billion in Q3 2023[130]. - Investment gains for the third quarter of 2024 were $16.2 billion, a significant recovery from losses of$23.5 billion in Q3 2023[86]. - Investment gains from equity securities sold in the third quarter of 2024 were $23.4 billion, a significant increase from$759 million in the same period of 2023[29]. - The total proceeds from sales of equity securities in the first nine months of 2024 reached approximately $133.2 billion, compared to$32.8 billion in 2023[29]. Assets and Liabilities - Total assets as of September 30, 2024, reached $1,147.251 billion, up from$1,069.978 billion at the end of 2023, indicating a growth of approximately 7.3%[6]. - The total liabilities as of September 30, 2024, were $515.445 billion, an increase from$499.208 billion at the end of 2023, representing a growth of approximately 3.5%[6]. - The balance for future net premiums at September 30, 2024, is $38,785 million, down from$43,407 million in 2023, indicating a decrease of approximately 10.0%[54]. - Estimated liabilities for unpaid losses and loss adjustment expenses from property and casualty insurance and reinsurance contracts amounted to $148.9 billion[134]. Shareholder Equity - Shareholders' equity increased to$631.806 billion as of September 30, 2024, compared to $567.509 billion at the end of 2023, reflecting a growth of about 11.3$631,806 million, an increase from $531,497 million at the same date in 2023[10]. - Berkshire's shareholders' equity increased by$67.8 billion to $629.1 billion as of September 30, 2024, with net earnings of$69.3 billion for the first nine months of 2024[132]. Cash Flow and Capital Management - Cash and cash equivalents decreased to $32.287 billion from$33.672 billion at the end of 2023, a decline of approximately 4.1%[5]. - Cash and cash equivalents at the end of the third quarter of 2024 were $37,992 million, compared to$31,604 million at the end of the third quarter of 2023, an increase of approximately 20.3%[11]. - The company repurchased $2.9 billion of its common stock in the first nine months of 2024, maintaining a cash and cash equivalents balance of$305.5 billion[132]. - Berkshire repaid approximately $1.9 billion of maturing senior notes in the first nine months of 2024, demonstrating active debt management[59]. Legal and Regulatory Matters - The company anticipates that liabilities from pending legal actions will not materially affect its consolidated financial condition[76]. - National Indemnity Company recorded a pre-tax charge of$490 million related to a settlement agreement concerning bankruptcy filings[76]. - HomeServices of America, Inc. is facing antitrust claims with potential damages totaling approximately $9 billion, as indicated by plaintiffs in Texas[75]. Operational Highlights - BNSF's after-tax earnings increased by 13.3$1.1 billion in after-tax earnings in Q3 2024 compared to Q3 2023, attributed to reduced litigation-related charges and higher earnings from natural gas pipelines[85]. - The electricity, natural gas, and fuel segment generated $49,655 million in revenue for the nine months ending September 30, 2024[79]. - Revenues from manufactured products totaled$62,048 million for Q3 2024, with significant contributions from industrial and commercial sectors at $18,347 million[78].