Berkshire takes big writedown for Precision Castparts, operating profit falls By Reuters

Berkshire takes big writedown for Precision Castparts, operating profit falls

© Reuters. Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc’s annual shareholder meeting in Omaha

(Reuters) – Warren Buffett’s Berkshire Hathaway (NYSE:) Inc said on Saturday its quarterly operating profit fell 10%, and it took a big writedown for its Precision Castparts Corp unit, which has had struggles during the coronavirus pandemic.

Second-quarter operating profit fell to $5.51 billion from $6.14 billion a year earlier.

Berkshire also said quarterly net income rose to $26.3 billion, or $16,314 per Class A share, from $14.07 billion, or $8,608 per Class A share, a year earlier, helped by unrealized gains on its common stock investments.

Results included $10.9 billion of writedowns, including $9.8 billion for Precision, which Berkshire bought in 2016 and remains its largest acquisition.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.