LISTEN LIVE
WATCH LIVE
WTMJ
Tuesday, May 13, 2025
55 °f
Milwaukee
57.8 ° Wed
59.6 ° Thu
  • Home
  • News
    • All
    • Breaking News
    • Business
    • Crime
    • Decision Wisconsin
    • Education
    • Entertainment
    • Environment
    • Featured Stories
    • Government and Politics
    • Health
    • National
    • News Features
    • Wisconsin
    Critically missing woman in Milwaukee

    Critically missing woman in Milwaukee

    Milwaukee County Judge Hannah Dugan arrested on obstruction charges

    Federal grand jury indicts Wisconsin judge in immigration case, allowing charges to continue

    MFD Fire Chief Lipski: “We can’t rule anything out.”

    MFD Fire Chief Lipski: “We can’t rule anything out.”

    UPDATE: Missing pregnant teenager found safe near Omaha, Nebraska; alleged abductor in custody

    The man accused of abducting a pregnant teen from Beaver Dam faces federal charges

    A giant troll is coming to Tosa

    A giant troll is coming to Tosa

    Small fire closes the Student Center at Milwaukee Area Technical College

    Small fire closes the Student Center at Milwaukee Area Technical College

  • Weather
    • Closings and Delays
    • Flight Status
    • Interactive Radar
    • Watches and Warnings
  • Traffic
    • Driver’s Ed with Debbie
  • Sports
    • Milwaukee Brewers
      • Brewers All Access Podcast
    • Milwaukee Bucks
      • Bucks in 6 Minutes
      • Bucks Talk
      • Bucks Weekly: The Podcast
    • Green Bay Packers
      • Green & Gold Insiders Podcast
    • NCAA
  • On-Air
    • Wisconsin’s Morning News
      • Everyday Hero
    • Point Taken with Steve Scaffidi & Kristin Brey
      • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
    • The Upswing
    • Wisconsin’s Midday News
    • Wisconsin’s Afternoon News
      • America’s Music Cities Holiday with John Mercure & Collette
      • Kingdoms of Southeast Asia with John Mercure & Collette
    • What’s On Tap
      • Germany, Austria, & Czech Republic – Beer & Brewery Tour with Sandy Maxx & Journeys Connect
    • Wisconsin’s Weekend Morning News
    • The Truth: Unfiltered
    • WTMJ Conversations
    • The Mid-West Farm Report
  • Podcasts

    Wisconsin’s Morning News Podcast

    You Need To Listen Podcast

    You Need To Listen Podcast

    Brewers All Access Podcast

    WTMJ Conversations Podcast

    Point Taken with Steve Scaffidi & Kristin Brey

    Wisconsin’s Afternoon News Podcast

    Bucks Talk: The Podcast

    Bucks+ Audio Podcast

    Bucks+ Audio Podcast

    The Upswing

    What’s On Tap Podcast

    Scaffidiology Podcast

    The Truth: Unfiltered

    The Truth: Unfiltered

    Wisconsin’s Midday News Podcast

    Wisconsin’s Weekend Morning News Podcast

    Wisconsin’s Weekend Morning News Podcast

    Bucks Central Podcast

    Bucks Central Podcast

    • Wisconsin’s Morning News Podcast
    • Point Taken Podcast
    • The Upswing Podcast
    • Wisconsin’s Midday News Podcast
    • Wisconsin’s Afternoon News Podcast
    • Daily Download
    • What’s On Tap Podcast
    • Wisconsin’s Weekend Morning News Podcast
    • Decision Wisconsin Podcast
    • The Mid-West Farm Report Podcast
    • Featured Show Podcasts
      • The Accunet Mortgage and Realty Show Podcast
      • Drake & Associates Retirement Ready Podcast
      • Experience Wisconsin Podcast
      • The Fix-It Show Podcast
      • The Fox World Travel Show Podcast
      • Money Talk, The Annex Wealth Management Show Podcast
    • Brewers All Access Podcast
    • Milwaukee Bucks
      • Bucks in 6 Minutes
      • Bucks Weekly: The Podcast
      • Bucks Talk: The Podcast
    • Scaffidiology Podcast
    • WTMJ Conversations Podcast
    • WTMJ Extras Podcast
    • The Truth Unfiltered: The Podcast
    • Green & Gold Insiders Podcast
  • Specialty Shows
    • Experience Wisconsin
    • Fix It Show
    • Hired! The GKB Recruitment Show
    • Home Improvement Showcase
    • Sunday Sip
  • Partners
    • Events
      • Annex Wealth Management Webinar
      • Summerfest
      • Wisconsin State Fair
    • Features
      • Every Day Health
      • Experience Wisconsin
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
      • The Knowledge Brokers from R&R Insurance
      • Travel Wisconsin
    • Shows
      • Accunet Mortgage & Realty Show
      • Drake & Associates Retirement Ready Show
      • Fox World Travel Show
        • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Joshing Around Milwaukee Podcast
      • Money Talk, The Annex Wealth Management Show
      • What’s the Difference? with Gina Della
  • About
    • Schedule
    • Bios
    • Contests
    • History & Timeline
    • Advertise
    • Careers
    • Contact
No Result
View All Result
WTMJ
  • Home
  • News
    • All
    • Breaking News
    • Business
    • Crime
    • Decision Wisconsin
    • Education
    • Entertainment
    • Environment
    • Featured Stories
    • Government and Politics
    • Health
    • National
    • News Features
    • Wisconsin
    Critically missing woman in Milwaukee

    Critically missing woman in Milwaukee

    Milwaukee County Judge Hannah Dugan arrested on obstruction charges

    Federal grand jury indicts Wisconsin judge in immigration case, allowing charges to continue

    MFD Fire Chief Lipski: “We can’t rule anything out.”

    MFD Fire Chief Lipski: “We can’t rule anything out.”

    UPDATE: Missing pregnant teenager found safe near Omaha, Nebraska; alleged abductor in custody

    The man accused of abducting a pregnant teen from Beaver Dam faces federal charges

    A giant troll is coming to Tosa

    A giant troll is coming to Tosa

    Small fire closes the Student Center at Milwaukee Area Technical College

    Small fire closes the Student Center at Milwaukee Area Technical College

  • Weather
    • Closings and Delays
    • Flight Status
    • Interactive Radar
    • Watches and Warnings
  • Traffic
    • Driver’s Ed with Debbie
  • Sports
    • Milwaukee Brewers
      • Brewers All Access Podcast
    • Milwaukee Bucks
      • Bucks in 6 Minutes
      • Bucks Talk
      • Bucks Weekly: The Podcast
    • Green Bay Packers
      • Green & Gold Insiders Podcast
    • NCAA
  • On-Air
    • Wisconsin’s Morning News
      • Everyday Hero
    • Point Taken with Steve Scaffidi & Kristin Brey
      • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
    • The Upswing
    • Wisconsin’s Midday News
    • Wisconsin’s Afternoon News
      • America’s Music Cities Holiday with John Mercure & Collette
      • Kingdoms of Southeast Asia with John Mercure & Collette
    • What’s On Tap
      • Germany, Austria, & Czech Republic – Beer & Brewery Tour with Sandy Maxx & Journeys Connect
    • Wisconsin’s Weekend Morning News
    • The Truth: Unfiltered
    • WTMJ Conversations
    • The Mid-West Farm Report
  • Podcasts

    Wisconsin’s Morning News Podcast

    You Need To Listen Podcast

    You Need To Listen Podcast

    Brewers All Access Podcast

    WTMJ Conversations Podcast

    Point Taken with Steve Scaffidi & Kristin Brey

    Wisconsin’s Afternoon News Podcast

    Bucks Talk: The Podcast

    Bucks+ Audio Podcast

    Bucks+ Audio Podcast

    The Upswing

    What’s On Tap Podcast

    Scaffidiology Podcast

    The Truth: Unfiltered

    The Truth: Unfiltered

    Wisconsin’s Midday News Podcast

    Wisconsin’s Weekend Morning News Podcast

    Wisconsin’s Weekend Morning News Podcast

    Bucks Central Podcast

    Bucks Central Podcast

    • Wisconsin’s Morning News Podcast
    • Point Taken Podcast
    • The Upswing Podcast
    • Wisconsin’s Midday News Podcast
    • Wisconsin’s Afternoon News Podcast
    • Daily Download
    • What’s On Tap Podcast
    • Wisconsin’s Weekend Morning News Podcast
    • Decision Wisconsin Podcast
    • The Mid-West Farm Report Podcast
    • Featured Show Podcasts
      • The Accunet Mortgage and Realty Show Podcast
      • Drake & Associates Retirement Ready Podcast
      • Experience Wisconsin Podcast
      • The Fix-It Show Podcast
      • The Fox World Travel Show Podcast
      • Money Talk, The Annex Wealth Management Show Podcast
    • Brewers All Access Podcast
    • Milwaukee Bucks
      • Bucks in 6 Minutes
      • Bucks Weekly: The Podcast
      • Bucks Talk: The Podcast
    • Scaffidiology Podcast
    • WTMJ Conversations Podcast
    • WTMJ Extras Podcast
    • The Truth Unfiltered: The Podcast
    • Green & Gold Insiders Podcast
  • Specialty Shows
    • Experience Wisconsin
    • Fix It Show
    • Hired! The GKB Recruitment Show
    • Home Improvement Showcase
    • Sunday Sip
  • Partners
    • Events
      • Annex Wealth Management Webinar
      • Summerfest
      • Wisconsin State Fair
    • Features
      • Every Day Health
      • Experience Wisconsin
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
      • The Knowledge Brokers from R&R Insurance
      • Travel Wisconsin
    • Shows
      • Accunet Mortgage & Realty Show
      • Drake & Associates Retirement Ready Show
      • Fox World Travel Show
        • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Joshing Around Milwaukee Podcast
      • Money Talk, The Annex Wealth Management Show
      • What’s the Difference? with Gina Della
  • About
    • Schedule
    • Bios
    • Contests
    • History & Timeline
    • Advertise
    • Careers
    • Contact
No Result
View All Result
WTMJ
No Result
View All Result

Profits jump at Buffett’s company ahead of annual meeting

by AP News
May 6, 2023, 8:08 am
in AP Business, AP News
Reporter’s Notebook for 3/6/21

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Warren Buffett’s company said its first-quarter profits soared along with the paper value of its investment portfolio — giving the thousands of shareholders who filled an arena Saturday to listen to the billionaire and several other top executives answer questions some good news to start the day.

“It’s a once in a lifetime opportunity,” said Chloe Lin, who traveled from Singapore to attend the meeting for the first time and learn from Buffett and his longtime investing partner Charlie Munger.

Berkshire’s shareholders meeting always attracts throngs of people who admire the two investors and want to hear whatever wisdom they have to offer about recent events and life lessons. And with both men in their 90s this year, some in the crowd feel the urgency to attend now while both men are still here.

“Charlie Munger is 99. I just wanted to see him in person. It’s on my bucket list,” said 40-year-old Sheraton Wu from Vancouver. “I have to attend while I can.”

One of the few concessions Buffett makes to his age is that he no longer tours the exhibit hall before the meeting. In years past, he would be mobbed by shareholders trying to snap a picture with him while a team of security officers worked to manage the crowd. Munger has used a wheelchair for several years, but both men are still sharp mentally.

But in a nod to the concerns about their age, Berkshire showed a series of clips of questions about succession from past meetings dating back to the first one they filmed in 1994. Two years ago, Buffett finally said that Greg Abel will eventually replace him as CEO although he has no plans to retire. Abel already oversees all of Berkshire’s noninsurance businesses.

Although not everyone at the meeting is a fan. Outside the arena, pilots from Berkshire’s NetJets protested over the lack of a new contract and pro-life groups carried signs declaring “Buffett’s billions kill millions” to object to his many charitable donations to abortion rights groups.

Berkshire Hathaway said Saturday morning that it made $35.5 billion, or $24,377 per Class A share, in the first quarter. That’s more than 6 times last year’s $5.58 billion, or $3,784 per share.

But Buffett has long cautioned that those bottom line figures can be misleading for Berkshire because the wide swings in the value of its investments — most of which it rarely sells — distort the profits. In this quarter, Berkshire sold only $1.7 billion of stocks while recording a $27.4 billion paper investment gain. Part of this year’s investment gains included a $2.4 billion boost related to Berkshire’s planned acquisition of the majority of the Pilot Travel Centers truck stop company’s shares in January.

Buffett says Berkshire’s operating earnings that exclude investments are a better measure of the company’s performance. By that measure, Berkshire’s operating earnings grew nearly 13% to $8.065 billion, up from $7.16 billion a year ago.

The three analysts surveyed by FactSet expected Berkshire to report operating earnings of $5,370.91 per Class A share.

Buffett came close to giving a formal outlook Saturday when he told shareholders that he expects Berkshire’s operating profits to grow this year even though the economy is slowing down and many of its businesses will sell less in 2023. He said Berkshire will profit from rising interest rates on its holdings, and the insurance market looks good this year.

This year’s first quarter was relatively quiet compared to a year ago when Buffett revealed that he had gone on a $51 billion spending spree at the start of last year, snapping up stocks like Occidental Petroleum, Chevron and HP. Buffett’s buying slowed through the rest of last year with the exception of a number of additional Occidental purchases.

At the end of this year’s first quarter, Berkshire held $130.616 billion cash, up from $128.585 billion at the end of last year. But Berkshire did spend $4.4 billion during the quarter to repurchase its own shares.

The quarterly report didn’t reveal any big new stock investments this year. But most of Berkshire’s eclectic mix of companies performed well despite the fears about the possibility of a looming recession.

Berkshire’s insurance unit, which includes Geico and a number of large reinsurers, recorded a $911 million operating profit, up from $167 million last year, driven by a rebound in Geico’s results. Geico benefitted from charging higher premiums and a reduction in advertising spending and claims.

But Berkshire’s BNSF railroad and its large utility unit did report lower profits. BNSF earned $1.25 billion, down from $1.37 billion, as the number of shipments it handled dropped 10% after it lost a big customer and imports slowed at the West Coast ports. The utility division added $416 million, down from last year’s $775 million.

Besides those major businesses, Berkshire owns an eclectic assortment of dozens of other businesses, including a number of retail and manufacturing firms such as See’s Candy and Precision Castparts.

Berkshire again faces pressure from activist investors urging the company to do more to catalog its climate change risks in a companywide report. Shareholders were expected to brush that measure and all the other shareholder proposals aside Saturday afternoon because Buffett and the board oppose them, and Buffett controls more than 30% of the vote.

But even as they resist detailing climate risks, a number of Berkshire’s subsidiaries are working to reduce their carbon emissions, including its railroad and utilities. The company’s Clayton Homes unit is showing off a new home design this year that will meet strict energy efficiency standards from the Department of Energy and come pre-equipped for solar power to be added later.

William Jenkins, Clayton’s director of environment and sustainability, said by next year, all the more than 60,000 homes Clayton builds each year will meet that standard, helping make the homes that are built in a factory before being placed on site more affordable by saving homeowners an average of $73 a month on their utility bills.

“It perfectly suits what we should be doing for the planet as well as the consumers themselves,” Jenkins said.

Previous Post

Hired! The GKB Recruitment Show 5-6-23

Next Post

176 dead, many more missing after Congo floods

AP News

AP News

Next Post
Reporter’s Notebook for 3/6/21

176 dead, many more missing after Congo floods

Connect with WTMJ on Social Media!

More Top Headlines

Brewers Go Scoreless for Second Straight Night, Guardians Clinch Series with 2-0 Win

by AP News
Brewers Go Scoreless for Second Straight Night, Guardians Clinch Series with 2-0 Win

CLEVELAND (AP) — José Ramírez hit his seventh homer, Logan Allen allowed three hits in six innings, and the Cleveland...

Read moreDetails

Critically missing woman in Milwaukee

by Elizabeth Lintonen
Critically missing woman in Milwaukee

MILWAUKEE -- Milwaukee Police are searching for critically missing 22-year-old Ahjanay Macklin. She was last seen around 11 A.M. Tuesday...

Read moreDetails

Federal grand jury indicts Wisconsin judge in immigration case, allowing charges to continue

by AP News
Milwaukee County Judge Hannah Dugan arrested on obstruction charges

MADISON, Wis. (AP) — A federal grand jury on Tuesday indicted a Wisconsin judge accused of helping a man evade...

Read moreDetails

Sign Up For WTMJ Insiders Below:

Loading

Weather Currents

Milwaukee, United States of America
Tuesday, May 13, 2025
Fog
55 ° f
100%
7.2mh
67 f 52 f
Wed
66 f 50 f
Thu
WTMJ

© 2025 Good Karma Broadcasting.

Navigate Site

  • Careers
  • Contact
  • EEO PUBLIC FILE REPORT
  • FCC Public File
  • FCC Applications
  • Terms of Use
  • Privacy Policy

Follow Us

No Result
View All Result
  • LISTEN LIVE
  • WATCH LIVE
  • Home
  • News
    • News
    • Local News
  • Weather
    • Weather
    • Watches and Warnings
    • Closings and Delays
    • Flight Status
  • Traffic
  • Sports
    • Sports
    • Green Bay Packers
    • Milwaukee Brewers
    • Milwaukee Bucks
  • Shows
    • Shows
    • Wisconsin’s Morning News
    • Point Taken with Steve Scaffidi & Kristin Brey
      • Best of the Hawaiian Islands with Steve Scaffidi & Fox World Travel
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
    • The Upswing
    • Wisconsin’s Midday News
    • Wisconsin’s Afternoon News
      • America’s Music Cities Holiday with John Mercure & Collette
      • Kingdoms of Southeast Asia with John Mercure & Collette
    • What’s On Tap
      • Germany, Austria, & Czech Republic – Beer & Brewery Tour with Sandy Maxx & Journeys Connect
    • Wisconsin’s Weekend Morning News
    • The Mid-West Farm Report
    • WTMJ Conversations
    • Featured Shows
      • Accunet Mortgage & Realty Show
      • Drake & Associates Retirement Ready Show
      • Every Day Health
      • Fix It Show
      • Hired! The GKB Recruitment Show
      • Money Talk, The Annex Wealth Management Show
  • Podcasts
  • Partners
    • Events
      • Annex Wealth Management Webinar
      • Summerfest
      • Wisconsin State Fair
    • Features
      • Every Day Health
      • Experience Wisconsin
      • Steve Scaffidi’s Salute to Service presented by WaterStone Bank
      • The Knowledge Brokers from R&R Insurance
      • Travel Wisconsin
    • Shows
      • Accunet Mortgage & Realty Show
      • Drake & Associates Retirement Ready Show
      • The Fox World Travel Show
      • Joshing Around Milwaukee Podcast
      • Money Talk, The Annex Wealth Management Show
      • What’s the Difference? with Gina Della
  • Features
    • Features
    • Good Karma Give Back
  • Contests
  • Alexa

© 2025 Good Karma Broadcasting.