OMAHA, Neb. -- (Business Wire)
Berkshire Hathaway Inc. (NYSE: BRK.A; BRK.B) —
At approximately 3:45 p.m. Central time today, Berkshire Hathaway Inc.
(“Berkshire”) will hold its Annual Shareholders meeting. Prior to the
formal business meeting, Warren E. Buffett, Berkshire’s Chairman and
Chief Executive Officer and Charles T. Munger, Berkshire’s Vice
Chairman, will hold a question and answer session for the shareholders.
During this question and answer session, Mr. Buffett intends to discuss
preliminary information regarding Berkshire’s First Quarter 2016
earnings. In connection therewith, Mr. Buffett will display a slide
which summarizes, on a preliminary basis, the earnings Berkshire expects
to report for the first quarter of 2016. The slide Mr. Buffett intends
to display at the meeting is reproduced below.
|
Berkshire Hathaway Inc. |
|
Preliminary First Quarter After-Tax Earnings |
(in millions) |
|
|
| |
|
| |
| | | 2016 | | | 2015 |
Insurance – underwriting
| | |
$
|
213
| | | |
$
|
480
|
Insurance – investment income
| | |
| 919 |
| | |
| 875 |
Total insurance
| | | |
1,132
| | | | |
1,355
|
Railroad, utilities and energy
| | | |
1,225
| | | | |
1,466
|
Manufacturing, service & retailing
| | | |
1,266
| | | | |
1,123
|
Finance
| | | |
311
| | | | |
289
|
Other
| | |
| (197 |
)
| | |
| 11 |
Operating earnings
| | | |
3,737
| | | | |
4,244
|
Investment and derivative gains/losses
| | |
| 1,852 |
| | |
| 920 |
Net earnings
| | | $ | 5,589 |
| | | $ | 5,164 |
| | | | | | | | |
|
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures. The
reconciliations of such measures to the most comparable GAAP figures in
accordance with Regulation G are included herein.
Berkshire presents its results in the way it believes will be most
meaningful and useful, as well as most transparent, to the investing
public and others who use Berkshire’s financial information. That
presentation includes the use of certain non-GAAP financial measures. In
addition to the GAAP presentations of net earnings, Berkshire shows
operating earnings defined as net earnings exclusive of investment and
derivative gains/losses.
Although the investment of insurance and reinsurance premiums to
generate investment income and investment gains or losses is an integral
part of Berkshire’s operations, the generation of investment gains or
losses is independent of the insurance underwriting process. Moreover,
under applicable GAAP accounting requirements, losses can be created as
the result of other-than-temporary declines in value without actual
realization or when certain types of investments are marked-to-market
through earnings. In sum, investment and derivative gains/losses for any
particular period are not indicative of quarterly business performance.
About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse business
activities including insurance and reinsurance, utilities and energy,
freight rail transportation, finance, manufacturing, retailing and
services. Common stock of the company is listed on the New York Stock
Exchange, trading symbols BRK.A and BRK.B.
Cautionary Statement About Preliminary Results
Certain statements contained in this press release are “forward looking”
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. We caution you that all measures of first quarter
2016 earnings are preliminary and reflect our expectations as of the
date of this press release. Actual reported first quarter 2016 earnings
may vary from these expectations. Berkshire assumes no obligation and
does not intend to update these forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160430005007/en/
Contacts:
Berkshire Hathaway Inc.
Marc D. Hamburg, 402-346-1400
Source: Berkshire Hathaway Inc.
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