This post was originally published on this site
Berkshire’s manufacturing, service and retailing businesses had struggled a year earlier as economic activity plunged, job losses soared and shoppers stayed home.
But in its latest quarterly report, the Omaha, Nebraska-based company said many of those businesses were posting significant recoveries in earnings and revenue, some topping pre-pandemic levels, despite supply chain disruptions and higher costs.
Another sign Berkshire is faring better is that it did not repeat a caution from its previous quarterly report, that other operating businesses were still facing adverse effects from the pandemic.
Second-quarter operating profit rose 21% to $6.69 billion, or about $4,424 per Class A share, from $5.51 billion, or about $3,463 per share, a year earlier.
Net income, including gains from common stock investments such as Apple Inc (NASDAQ:AAPL) and Bank of America Corp (NYSE:BAC), rose 7% to $28.1 billion, or $18,488 per Class A share, from $26.3 billion, or $16,314 per share, a year earlier.
Berkshire also said it had repurchased about $6 billion of stock in the quarter, boosting total buybacks to more than $37 billion since the end of 2019.
The company’s share count declined further in July, suggesting Berkshire’s stock repurchases have continued.
