Berkshire Hathaway Inc. News Release
April 30 2016 - 9:35AM
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160430005007/en/
Berkshire Hathaway Inc.Marc D. Hamburg, 402-346-1400
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