Warren Buffett’s Berkshire Hathaway Inc said Saturday that many of its businesses are enjoying strong recovery from the depths of the coronavirus pandemic, fueling a recovery in profits and revenue.
Buffett has been in operation since 1965 and marks the billionaire’s confidence in its future, buying $ 6 billion of its own shares in the second quarter, even though its share price regularly sets new highs.
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Omaha, Nebraska’s manufacturing, service and retail businesses suffered last year as economic activity slowed, job losses rose and buyers stayed home.
But now, Berkshire said, companies such as BNSF Railroad, NetJets luxury planes and car dealerships are recording “significant” recoveries despite supply chain disruptions and higher costs, with profits and revenues sometimes exceeding levels. before the pandemic.
Another sign of improvement was Berkshire’s decision not to repeat a warning from its previous quarterly report that other modules were still adversely affected by the pandemic.
Second-quarter operating profit rose 21 percent to $ 6.69 billion, or about $ 4.424 per share, from $ 5.51 billion, or about $ 3.463 a share, a year earlier.