Berkshire Hathaway’s Cash Surges in Abel’s First Quarter as CEO
Squishmallow toys in the likeness of Greg Abel, left, and Warren Buffett on the sales floor at the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska on May 2.
Photographer: Dan Brouillette/BloombergBerkshire Hathaway Inc.’s cash pile soared to its highest level ever and operating earnings jumped in Greg Abel’s first quarter as chief executive officer.
After a slight decrease late last year, the firm’s cash hoard jumped to $397 billion in the first quarter as it offloaded a net $8.1 billion of equity holdings in the period, the Omaha, Nebraska-based conglomerate said in a statement Saturday. Operating earnings, meanwhile, got a boost from an improvement in underwriting results in its vast insurance businesses.