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 $29.5 billion for the first nine months of 2024, compared to $25.5 billion for the same period in 2023, indicating a year-over-year increase of 15.7%[7]. - Net earnings for Q3 2024 were $26,480 million, compared to a loss of $12,567 million in Q3 2023, representing a significant turnaround[9]. - Comprehensive income for Q3 2024 was $26,674 million, compared to a loss of $12,619 million in Q3 2023[9]. - 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]. 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, reflecting a growth of 7.3%[6]. - The total liabilities as of September 30, 2024, were $515.445 billion, up from $499.208 billion at the end of 2023, an increase of 3.5%[6]. - Shareholders' equity increased to $631.806 billion as of September 30, 2024, compared to $567.509 billion at the end of 2023, marking an increase of 11.3%[6]. - The company’s retained earnings rose to $676.524 billion as of September 30, 2024, compared to $607.350 billion at the end of 2023, reflecting an increase of 11.4%[6]. Investment Gains and Securities - Investment gains for the third quarter of 2024 were $20.514 billion, a significant recovery from a loss of $29.778 billion in Q3 2023[7]. - The company reported unrealized gains on investments of $134 million in Q3 2024, up from $11 million in Q3 2023[9]. - The total fair value of equity securities as of September 30, 2024, was $271,650 million, with a cost basis of $78,112 million, resulting in net unrealized gains of $193,538 million[21]. - Investment gains on equity securities sold in Q3 2024 were $23.4 billion, a significant increase from $759 million in Q3 2023[29]. Insurance Operations - Total insurance revenues for the first nine months of 2024 were $77.3 billion, compared to $70.0 billion in 2023[83]. - GEICO's revenues for the third quarter of 2024 were $10.7 billion, up from $9.8 billion in 2023, while year-to-date revenues increased to $31.4 billion from $29.2 billion[83]. - Premiums written by GEICO increased by $2.5 billion (8.4%) in the first nine months of 2024 compared to 2023, driven by a 10.1% increase in average written premiums per auto policy[90]. - Losses and loss adjustment expenses for GEICO declined by $1.3 billion (5.2%) in the first nine months of 2024 compared to 2023, with a loss ratio of 72.6%, down 9.9 percentage points[90]. Cash Flow and Capital Management - Cash and cash equivalents at the end of Q3 2024 were $37,992 million, compared to $31,604 million at the end of Q3 2023, reflecting an increase of approximately 20.3%[11]. - Net cash flows from operating activities decreased to $25,971 million in 2024 from $34,796 million in 2023, a decline of about 25.5%[11]. - Berkshire repaid approximately $1.9 billion of maturing senior notes in the first nine months of 2024, demonstrating active debt management[59]. - The total borrowings of Berkshire as of September 30, 2024, amounted to $43,651 million, an increase from $42,692 million at the end of 2023[58]. 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 - Revenues from manufactured products totaled $62,048 million for Q3 2024, with significant contributions from industrial and commercial sectors at $18,347 million[78]. - The electricity, natural gas, and fuel segment generated $49,655 million in revenue for the nine months ending September 30, 2024[79]. - BNSF's railroad operating revenues for Q3 2024 were $5,881 million, a 2.8% increase from $5,719 million in Q3 2023[108]. - BHE's total revenue for Q3 2024 was $7,335 million, slightly up from $7,281 million in Q3 2023[111]. Shareholder Returns - The company repurchased 5.85% of Berkshire Hathaway Energy Company's outstanding common stock for $2,400 million and a promissory note for $600 million[14]. - In the first nine months of 2024, Berkshire repurchased $2.9 billion of its common stock and held cash and equivalents of $305.5 billion[132]. - The company’s common stock repurchase program allows for repurchases when the price is below intrinsic value, with no specified maximum number of shares[66].
Berkshire Hathaway(BRK_B) - 2024 Q3 - Quarterly Results