Core Insights - Berkshire Hathaway's profits increased by 17% due to a mild hurricane season and gains from paper investments, as the company prepares for Warren Buffett to step down as CEO in January [1][2] - The company reported a significant investment of $9.7 billion in OxyChem, which does not significantly reduce its cash reserves of $381.7 billion as of the end of September [1] Financial Performance - Berkshire Hathaway earned $30.796 billion, or $21,413 per Class A share, in the latest quarter, up from $26.251 billion, or $18,272 per Class A share, a year earlier [3] - The company's operating profit rose to $13.485 billion, or $9,376.15 per Class A share, compared to $10.09 billion, or $7,023.01 per Class A share, in the previous year [5] - Analysts had predicted operating earnings of $8,573.50 per Class A share, indicating that the actual results exceeded expectations [5] Insurance and Underwriting - The insurance underwriting profit increased by $1.6 billion to $2.369 billion, aided by fewer catastrophic losses from hurricanes compared to the previous year [6] - Gains on foreign currency debt holdings contributed $331 million this year, contrasting with a $1.1 billion loss from the previous year [6] Company Operations - Most of Berkshire's subsidiaries performed well, although profits from its utilities segment declined nearly 9% to $1.489 billion [7]
Berkshire Hathaway's profits rise 17% as Warren Buffett prepares to step down as CEO