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Yahoo
05-05-2025
- Business
- Yahoo
Berkshire Hathaway Inc. First Quarter 2025 Earnings Release
OMAHA, Neb., May 03, 2025--(BUSINESS WIRE)--Berkshire's operating results for the first quarters of 2025 and 2024 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at The limited information that follows in this press release is not adequate for making an informed investment judgment. Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarters of 2025 and 2024 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts). First Quarter 2025 2024 Net earnings attributable to Berkshire shareholders $ 4,603 $ 12,702 Net earnings includes: Investment gains (losses) (5,038 ) 1,480 Operating earnings 9,641 11,222 Net earnings attributable to Berkshire shareholders $ 4,603 $ 12,702 Net earnings per average equivalent Class A Share $ 3,200 $ 8,825 Net earnings per average equivalent Class B Share* $ 2.13 $ 5.88 Average equivalent Class A shares outstanding 1,438,223 1,439,370 Average equivalent Class B shares outstanding 2,157,335,139 2,159,055,134 * Per share amounts for the Class B shares are 1/1,500th of those shown for Class A. Generally Accepted Accounting Principles ("GAAP") require that we include the changes in unrealized gains/losses of our equity security investments as a component of investment gains (losses) in our earnings statements. In the table above, investment gains (losses) include losses of approximately $7.4 billion in the first quarter of 2025 and $9.7 billion in the first quarter of 2024 due to changes during the first quarters of 2025 and 2024 in the amount of unrealized gains that existed in our equity security investment holdings. Investment gains (losses) also include after-tax realized gains on sales of investments of $2.4 billion in the first quarter of 2025 and $11.2 billion in the first quarter of 2024. The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules. An analysis of Berkshire's operating earnings follows (dollar amounts are in millions). First Quarter 2025 2024 Insurance-underwriting $ 1,336 $ 2,598 Insurance-investment income 2,893 2,598 BNSF 1,214 1,143 Berkshire Hathaway Energy Company 1,097 717 Manufacturing, service and retailing businesses 3,060 3,088 Other* 41 1,078 Operating earnings $ 9,641 $ 11,222 * Includes foreign currency exchange losses of approximately $713 million in 2025 and foreign currency exchange gains of approximately $597 million in 2024 related to non-U.S. Dollar denominated debt. Also includes interest and dividend income related to U.S. Treasury Bills and other investments not directly owned by a Berkshire insurance subsidiary or certain non-insurance operating companies of $869 million in 2025 and $303 million in 2024. On March 31, 2025, there were 1,438,223 Class A equivalent shares outstanding. At March 31, 2025, insurance float (the net liabilities we assume under insurance contracts) was approximately $173 billion, an increase of $2 billion since yearend 2024. Use of Non-GAAP Financial Measures This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein. Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire's financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains (losses). Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire's operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our periodic earnings statements. In sum, investment gains (losses) for any particular period are not indicative of quarterly business performance. About Berkshire Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B. Cautionary Statement Certain statements contained in this press release are "forward looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted. — END — View source version on Contacts Marc D. Hamburg402-346-1400 Sign in to access your portfolio
Business Wire
03-05-2025
- Business
- Business Wire
Berkshire Hathaway Inc. First Quarter 2025 Earnings Release
OMAHA, Neb.--(BUSINESS WIRE)--Berkshire's operating results for the first quarters of 2025 and 2024 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at The limited information that follows in this press release is not adequate for making an informed investment judgment. Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarters of 2025 and 2024 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts). Net earnings per average equivalent Class A Share $ 3,200 $ 8,825 Net earnings per average equivalent Class B Share* $ 2.13 $ 5.88 Expand Average equivalent Class A shares outstanding 1,438,223 1,439,370 Average equivalent Class B shares outstanding 2,157,335,139 2,159,055,134 Expand * Per share amounts for the Class B shares are 1/1,500 th of those shown for Class A. Expand Generally Accepted Accounting Principles ('GAAP') require that we include the changes in unrealized gains/losses of our equity security investments as a component of investment gains (losses) in our earnings statements. In the table above, investment gains (losses) include losses of approximately $7.4 billion in the first quarter of 2025 and $9.7 billion in the first quarter of 2024 due to changes during the first quarters of 2025 and 2024 in the amount of unrealized gains that existed in our equity security investment holdings. Investment gains (losses) also include after-tax realized gains on sales of investments of $2.4 billion in the first quarter of 2025 and $11.2 billion in the first quarter of 2024. The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules. An analysis of Berkshire's operating earnings follows (dollar amounts are in millions). * Includes foreign currency exchange losses of approximately $713 million in 2025 and foreign currency exchange gains of approximately $597 million in 2024 related to non-U.S. Dollar denominated debt. Also includes interest and dividend income related to U.S. Treasury Bills and other investments not directly owned by a Berkshire insurance subsidiary or certain non-insurance operating companies of $869 million in 2025 and $303 million in 2024. Expand On March 31, 2025, there were 1,438,223 Class A equivalent shares outstanding. At March 31, 2025, insurance float (the net liabilities we assume under insurance contracts) was approximately $173 billion, an increase of $2 billion since yearend 2024. Use of Non-GAAP Financial Measures This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein. Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire's financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains (losses). Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire's operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our periodic earnings statements. In sum, investment gains (losses) for any particular period are not indicative of quarterly business performance. About Berkshire Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B. Cautionary Statement Certain statements contained in this press release are 'forward looking' statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted. — END —
Associated Press
28-03-2025
- Business
- Associated Press
Cambria Launches Cambria Fixed Income Trend ETF (CFIT)
Cambria Investment Management, an independent, privately owned investment advisory firm and ETF provider focused on quantitative asset management and alternative investments, today announced that the Cambria Fixed Income Trend ETF (CFIT) has begun trading on the CBOE BZX Exchange. CFIT uses a quantitative approach to analyze global bond market segments, systematically identifying opportunities exhibiting upward price trends. By seeking to selectively invest in these segments, the strategy aims to capture those upward movements while also carefully managing risk by allocating to U.S. Treasury Bills when those segments are in a downtrend. CFIT evaluates a broad universe that includes U.S. government securities such as Treasury bonds, Treasury notes, Treasury bills and Treasury Inflation-Protected Securities, intermediate term investment grade bonds traded in the United States that constitute the U.S. aggregate bond market, corporate bonds, high yield bonds, municipal bonds, residential and commercial mortgage-backed securities, convertible securities, preferred securities, private credit, foreign developed government bonds, and emerging market government bonds. 'We're excited to offer investors a dynamic approach to fixed income investing,' said Meb Faber, co-founder and CIO of Cambria. 'CFIT's systematic trend following strategy allows investors to potentially capitalize on global fixed income trends while employing a robust risk management framework. We believe this strategy offers a compelling alternative to traditional, static fixed income allocations.' CFIT's key features include: Systematic Trend Following: Utilizes a systematic trend following strategy targeting global fixed income sectors demonstrating upward price trends, intending to align its holdings with prevailing market trends rather than passively holding allocations. Dynamic Risk Management: Offers dynamic risk management by proactively seeking opportunities in sectors demonstrating upward price trends and allocating to U.S. Treasury bills during periods when eligible segments are in a downtrend. Broad Global Exposure: Evaluates a broad, diverse fixed income universe that includes (but is not limited to) U.S. government securities, U.S. investment-grade bonds, high-yield bonds, residential and commercial mortgage-backed securities, emerging market government bonds ('sovereign debt'), and other fixed income securities. CFIT joins Cambria's growing lineup of 16 ETFs with over $2.6 billion in assets under management. About Cambria Cambria Investment Management, LP ('Cambria' or the 'Company') is a registered investment advisor that was formed in 2006. Cambria is an independent, privately owned investment advisory firm focused on quantitative asset management and alternative investments. The Company's mission is to preserve and grow capital by producing above-average absolute returns with low correlation to traditional assets and manageable risk. Cambria investment portfolios and ETFs cover equity-focused strategies, global asset allocation, tail risk, hedged equity, and thematic strategies. The firm manages 18 different ETFs and has over $2.6 billion in assets under management as of 02/28/2025: Cambria Shareholder Yield ETF (SYLD), Cambria Foreign Shareholder Yield ETF (FYLD), Cambria Global Value ETF (GVAL), Cambria Global Momentum ETF (GMOM), Cambria Global Asset Allocation ETF (GAA), Cambria Emerging Shareholder Yield ETF (EYLD), Cambria Value and Momentum ETF (VAMO), Cambria Tail Risk ETF (TAIL), Cambria Trinity ETF (TRTY), Cambria Cannabis ETF (TOKE), Cambria Global Real Estate ETF (BLDG), Cambria Micro and Small Cap Shareholder Yield ETF (MYLD), Cambria Tactical Yield ETF (TYLD), Cambria Chesapeake Pure Trend ETF (MFUT), Cambria Large Cap Shareholder Yield ETF (LYLD), Cambria Tax Aware ETF (TAX), and Cambria Fixed Income Trend ETF (CFIT). To determine if the Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Fund's prospectus which may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website at Read the prospectus carefully before investing or sending money. SYLD, FYLD, EYLD, MYLD, LYLD, TYLD, TAIL, VAMO, GMOM, TRTY, GAA, BLDG, TOKE, GVAL, TAX and CFIT are distributed by ALPS Distributors, Inc., 1290 Broadway, Suite 1000, Denver, CO 80203. MFUT is distributed by Foreside Fund Services, LLC. ALPS, Foreside, and Cambria are not related. Investing involves risk, including potential loss of capital. There is no guarantee that the Fund will achieve its investment goal. Investing involves risk, including the possible loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value and interest rates rise. High yield bonds involve greater risk of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments. International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markers involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. The Fund is not diversified. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will produce the intended results and no guarantee that the Fund will achieve its investment objective. This could result in the Fund's underperformance compared to other funds with similar investment objectives. There is no guarantee dividends will be paid. Diversification may not protect against market loss. There are special risks associated with margin investing. As with stocks, you may be called upon to deposit additional cash or securities if your account equity declines. Treasury Inflation-Protected Securities: Marketable Treasury securities whose principal is adjusted for inflation and interest payments are based on the adjusted principal. Intermediate Term Investment Grade Bonds: Corporate bonds with maturities generally in the 4-10 year range with credit ratings (usually BBB/Baa or higher) that indicate low to moderate default risk. Residential Mortgage-Backed Securities: Fixed income securities backed by pools of residential mortgages. Commercial Mortgage-Backed Securities: Fixed income securities backed by pools of commercial real estate mortgages. Convertible Securities: Commonly a bond or stock that can be converted into a different security, generally shares of a company's common stock. Preferred Securities: Securities that combine features of both stocks and bonds, can potentially offer higher yields than common stock or corporate bonds, can have long or perpetual maturity dates, may be structured with call features (issuer has right to redeem after a predetermined amount of time), and are subordinated (rank lower) to bonds, but rank higher than common equity in the corporate capital structure. Private Credit: Instruments issued by non-bank institutions, sometimes referred to as 'direct lending.' Foreign Developed Government Bonds: Bonds issues by non-U.S., developed country governments. Emerging Market Government Bonds: Bonds issued by developing country governments. Hewes Communications Copyright Business Wire 2025. PUB: 03/28/2025 09:15 AM/DISC: 03/28/2025 09:15 AM
Yahoo
20-02-2025
- Business
- Yahoo
Federal Home Loan Bank of Dallas Reports Fourth Quarter and Full Year 2024 Operating Results
DALLAS, February 20, 2025--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (Bank) today reported net income of $174.4 million for the quarter ended December 31, 2024. In comparison, for the quarters ended September 30, 2024 and December 31, 2023, the Bank reported net income of $184.4 million and $212.4 million, respectively. For the year ended December 31, 2024, the Bank reported net income of $726.6 million, as compared to $874.5 million for the year ended December 31, 2023. Total assets at December 31, 2024 were $127.7 billion, compared with $124.9 billion at September 30, 2024 and $128.3 billion at December 31, 2023. Average total assets decreased from $138.6 billion and $154.4 billion for the quarter and year ended December 31, 2023, respectively, to $122.5 billion and $124.8 billion for the corresponding periods in 2024. The $2.8 billion increase in total assets during the fourth quarter of 2024 was primarily attributable to increases in the Bank's short-term liquidity holdings ($6.3 billion) and mortgage loans held for portfolio ($0.2 billion), partially offset by a decrease in the Bank's advances ($3.7 billion). The $0.6 billion decrease in total assets during the year ended December 31, 2024 was attributable primarily to a decrease in the Bank's advances ($12.3 billion), partially offset by increases in the Bank's short-term liquidity holdings ($9.8 billion), long-term investments ($1.2 billion) and mortgage loans held for portfolio ($0.7 billion). Advances totaled $67.7 billion at December 31, 2024, compared with $71.4 billion at September 30, 2024 and $80.0 billion at December 31, 2023. The Bank's mortgage loans held for portfolio totaled $5.8 billion at December 31, 2024, as compared to $5.6 billion at September 30, 2024 and $5.1 billion at December 31, 2023. The carrying value of the Bank's long-term held-to-maturity securities portfolio, which is comprised of U.S. agency residential mortgage-backed securities (MBS), totaled $0.2 billion, $0.2 billion and $0.3 billion at December 31, 2024, September 30, 2024 and December 31, 2023, respectively. The carrying value of the Bank's long-term available-for-sale securities portfolio, which is comprised substantially of U.S. agency debentures and U.S. agency commercial MBS, totaled $19.0 billion at December 31, 2024, as compared to $19.0 billion at September 30, 2024 and $17.7 billion at December 31, 2023. At December 31, 2024, September 30, 2024 and December 31, 2023, the Bank also held a $0.1 billion long-term U.S. Treasury Note classified as trading. The Bank's short-term liquidity holdings are typically comprised of overnight interest-bearing deposits, overnight federal funds sold, overnight reverse repurchase agreements, U.S. Treasury Bills, U.S. Treasury Notes and, from time to time, may also include cash held at the Federal Reserve. At December 31, 2024, September 30, 2024 and December 31, 2023, the Bank's short-term liquidity holdings totaled $34.4 billion, $28.1 billion and $24.6 billion, respectively. The Bank's retained earnings increased to $2.849 billion at December 31, 2024 from $2.743 billion at September 30, 2024 and $2.413 billion at December 31, 2023. On December 27, 2024, a dividend of $68.3 million was paid to the Bank's shareholders. For the year ended December 31, 2024, the Bank set aside $82.4 million for its Affordable Housing Program (AHP), which was comprised of an $80.7 million statutory assessment and a $1.7 million voluntary contribution. In addition, during the year ended December 31, 2024, the Bank made available $38.9 million for its voluntary loan programs, and it funded $12.9 million in voluntary grant programs and donations. Additional selected financial data as of and for the quarter and year ended December 31, 2024 (and, for comparative purposes, as of September 30, 2024 and December 31, 2023, and for the quarters ended September 30, 2024 and December 31, 2023 and the year ended December 31, 2023) is set forth below. Further discussion and analysis regarding the Bank's results will be included in its Form 10-K for the year ended December 31, 2024 to be filed with the Securities and Exchange Commission. About the Federal Home Loan Bank of Dallas The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System, which was created by Congress in 1932. The Bank is a member-owned cooperative that supports housing and community development by providing competitively priced funding solutions, liquidity, and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the Bank's website at Federal Home Loan Bank of Dallas Selected Financial Data As of and For the Quarter and Year Ended December 31, 2024 (Unaudited, in thousands) December 31, 2024 September 30, 2024 December 31, 2023 Selected Statement of Condition Data: Assets Investments (1) $ 53,740,886 $ 47,351,165 $ 42,631,192 Advances 67,743,248 71,357,743 79,951,855 Mortgage loans held for portfolio, net 5,764,053 5,574,177 5,088,642 Cash and other assets 476,861 589,008 592,923 Total assets $ 127,725,048 $ 124,872,093 $ 128,264,612 Liabilities Consolidated obligations Discount notes $ 21,637,276 $ 26,969,170 $ 8,598,022 Bonds 96,215,218 87,878,910 109,536,207 Total consolidated obligations 117,852,494 114,848,080 118,134,229 Mandatorily redeemable capital stock 181 184 506 Other liabilities 2,676,712 2,799,111 2,870,657 Total liabilities 120,529,387 117,647,375 121,005,392 Capital Capital stock — putable 4,168,043 4,330,775 4,737,388 Retained earnings 2,848,948 2,742,927 2,412,983 Total accumulated other comprehensive income 178,670 151,016 108,849 Total capital 7,195,661 7,224,718 7,259,220 Total liabilities and capital $ 127,725,048 $ 124,872,093 $ 128,264,612 Total regulatory capital (2) $ 7,017,172 $ 7,073,886 $ 7,150,877 For the For the For the For the For the Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Selected Statement of Income Data: Net interest income (3) $ 212,454 $ 226,553 $ 251,393 $ 891,592 $ 1,017,913 Other income 20,064 18,658 20,232 63,803 91,718 Other expense 38,774 40,324 35,611 148,026 137,974 AHP assessment 19,375 20,489 23,603 80,742 97,206 Net income $ 174,369 $ 184,398 $ 212,411 $ 726,627 $ 874,451 (1) Investments consist of interest-bearing deposits, securities purchased under agreements to resell, federal funds sold, trading securities, available-for-sale securities and held-to-maturity securities. (2) As of December 31, 2024, September 30, 2024 and December 31, 2023, total regulatory capital represented 5.49 percent, 5.66 percent and 5.58 percent, respectively, of total assets as of those dates. (3) Net interest income is net of the provision for credit losses. View source version on Contacts Corporate CommunicationsFederal Home Loan Bank of (214) 441-8445
Associated Press
31-01-2025
- Business
- Associated Press
IMPORTANT NOTICE TO CUSTOMERS OF RALPH GANCHERO AND CITIGROUP GLOBAL MARKETS WHO SUFFERED INVESTMENT LOSSES
If You Suffered Losses With Financial Advisor Ralph Ganchero at Citigroup Global Markets Please Contact the Law Firm of KlaymanToskes NEW YORK, NY, UNITED STATES, January 31, 2025 / / -- National investment loss and securities attorneys KlaymanToskes issues an important notice to customers of financial advisor Ralph Ganchero and Citigroup Global Markets after their mismanagement of a customer's retirement accounts caused the investor to suffer approximately $375,000 in damages. The law firm urges all customers of Ralph Ganchero and Citigroup Global Markets who suffered investment losses to contact the firm immediately at 888-997-9956. KlaymanToskes reports the law firm has filed a FINRA arbitration claim (Case no. 24-02693) against Citigroup Global Markets on the behalf of an investor who is seeking to recover damages of approximately $375,000 in connection with her financial advisor, Ralph Ganchero (CRD# 2601660), failing to follow her investment objectives and improperly managing her retirement accounts. According to the claim filed by KlaymanToskes, Ralph Ganchero misallocated the investor's IRA and Roth IRA by placing funds in bond ETFs, including iShare Bond ETFs and Vanguard bond funds, and U.S. Treasury Bills, directly contradicting the client's instructions to invest in Growth investments with Moderate Risk. Despite the investor's repeated requests over nearly two years for Ganchero and Citigroup to adjust the portfolio to align with her Growth investment objective, they allegedly failed to take action, resulting in substantial underperformance compared to growth model benchmarks like the S&P 500. KlaymanToskes' investigation found that if the client's main IRA was invested in a growth benchmark, the account would have appreciated by nearly $350,000. Additionally, the client's Roth IRA would have appreciated by approximately $25,000. The Quarterly Report for December 2023 shows that the IRA had an overall return since November of 2022 of 4.41% while the S&P 500 had a return of 18.58%. For the year 2023, the S&P 500 had a return of 26.29% while the customer's IRA had a return of 5.75%. In total, the S&P 500 would have produced a gain of over $375,000 for the customer. Current and former customers of Ralph Ganchero and/or any other financial advisor who suffered damages at Citigroup Global Markets are encouraged to contact attorney Steven D. Toskes, Esq. at (888) 997-9956 or by email at [email protected] in furtherance of our investigation. About KlaymanToskes KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico. Contact Steven D. Toskes, Esq. KlaymanToskes, P.A. Legal Disclaimer:
