Berkshire Hathaway Inc . (NYSE:BRKa) disclosed its financial results for the first quarter, revealing a significant increase in operating income compared to the same quarter last year.
Q1 net earnings per average equivalent Class A share were $8,825 and net earnings per average equivalent Class B share of $5.88.
The conglomerate, led by CEO Warren Buffett, reported operating income of $11.22 billion, marking a 32% rise from $8.48 billion in Q1 2023.
The company's insurance underwriting operations were a standout performer, with operating income reaching $2.60 billion, a big increase from $848 million.
The insurance-investment operating income saw a slight decrease of 5.8%, amounting to $2.60 billion.
Berkshire's railroad operations saw operating income fall 16% to $1.14 billion. Other controlled businesses, however, contributed $3.09 billion to the operating income, and non-controlled businesses added $405 million.
Berkshire Hathaway's net income for the quarter dropped by 66% to $12.70 billion.
At the end of the quarter, Berkshire's cash pile stood at about $189 billion.