Latest news with #operatingprofits
Yahoo
02-08-2025
- Business
- Yahoo
Warren Buffett's Berkshire Hathaway sold another $3 billion of stocks as investor enters home stretch as CEO
Warren Buffett's Berkshire Hathaway reported a 4% drop in operating profits last quarter. Berkshire was hit by currency-exchange losses and lower insurance profits. The company was a net seller of stocks for the 11th quarter in a row. Warren Buffett's Berkshire Hathaway posted a 4% drop in operating earnings to $11.2 billion in its first quarterly earnings report since the legendary investor revealed he plans to step down as CEO. Berkshire also sold a net $3 billion of stocks last quarter, purchasing $3.9 billion of shares but selling $6.9 billion worth. The disposals marked the 11th quarter in a row that the company has been a net seller of stocks. Second-quarter earnings fell from the same period a year ago as slimmer insurance underwriting profits offset higher income from BNSF Railway, Berkshire Hathaway Energy, and the manufacturing, service, and retailing division. Another key driver of the decline was an $877 million foreign currency exchange loss tied to non-dollar debt — a sharp swing from a $446 million gain in the same period last year. Berkshire is now sitting on a $344 billion cash pile, the filings show. That sum is larger than the market capitalization of companies like Coca-Cola and Bank of America. Buffett, who turns 95 this month, refrained from repurchasing any Berkshire shares last quarter. The company wrote down its 27% stake in Kraft Heinz by about $5 billion, reducing its carrying value to $8.4 billion. David Kass, a finance professor at the University of Maryland and longtime Buffett blogger, told Business Insider that the earnings were "business as usual" other than the Kraft Heinz impairment, which he called "surprising" and said "might be related" to Buffett's impending departure. Buffett and his team have been thwarted by high valuations for public stocks, private companies, and Berkshire's own shares in recent years. The lack of buying opportunities — and Berkshire paring key stock bets including Apple and Bank of America last year — have boosted its cash pile to all-time highs. Berkshire stock was trouncing the benchmark S&P going into the annual meeting in May, when Buffett announced his planned successor, Greg Abel, would take over as CEO in the new year. But while the index has surged over the last three months, Berkshire stock has slumped, which some gurus have attributed to the loss of a "Buffett premium." Read the original article on Business Insider Sign in to access your portfolio
France 24
28-07-2025
- Business
- France 24
Heineken sees beer sales dip but keeps profit outlook
Global beer volumes for the world's second-biggest brewer after AB InBev came in at 116.4 million hectolitres, compared with 118.2 million in the first six months of 2024. This was also below the 117.0 million hectolitres expected in analysts' forecasts published by the company. "Notable growth in Vietnam, India... and Mexico was more than offset by declines in Brazil, the US, and parts of Europe," said the firm in a statement. The company, whose brands include Amstel, Kingfisher, and Savanna cider, maintained its full-year outlook for a gain of between four and eight percent in operating profits, its preferred metric. Heineken Chief Executive Officer Dolf van den Brink welcomed the deal clinched late Sunday between the EU and the United States that averted a possible trade war. "I think it's good that the uncertainty ends that. Further escalation has been avoided. We have now clarity going forward for Heineken," he told reporters. He said the impact of the tariffs -- a flat 15-percent rate for most EU goods into the US -- had already been baked into their profit forecasts. Virtually all of its products -- 95 percent said the CEO -- were manufactured and sold in local markets, so tariffs do not apply. "As such, the impact for us is manageable," he said. Heineken said total sales were 14.2 billion euros in the first half year, compared with 14.8 billion euros in the first six months of 2024. This was roughly in line with expectations. The firm said this represented "organic growth" -- stripping out the impact of currency fluctuations -- of 2.1 percent. Operating profits excluding exceptional items and amortisation -- the firm's preferred measure -- came in at 2.0 billion euros, fractionally above expectations. © 2025 AFP
Motor 1
25-07-2025
- Automotive
- Motor 1
Tariffs Have Cost VW Group $1.5 Billion: 'Negative Impact'
Volkswagen Group has reported its second-quarter financial results, and it's not good news. Operating profits from April to June were down a whopping 29.4 percent, with the automaker facing increased pressure from the US's new tariffs. They have cost the company €1.3 billion ($1.5 billion at today's exchange rate) through the first six months of the year. The automotive giant is facing several hurdles on top of the tariffs, including increased competition in China and regulatory uncertainty as it attempts to lower costs. Porsche sales were down 6.0 percent through the first half of 2025, while Audi sales decreased 5.9 percent over the same period. However, overall sales for the group were up 0.5 percent, increasing from 4.34 to 4.36 million vehicles. Despite steady sales, VW Group is eager to implement its cost-cutting measures as it assumes the tariffs are not temporary. The automaker said it expects the 27.5 percent tariff to remain for the rest of the year, weighing down the company's profits. Arno Antlitz, VW Group CFO and COO, said the tariffs and restructuring costs have had a 'negative impact.' US President Donald Trump has threatened to increase tariffs on Europe to 30 percent, but the automaker is hopeful the European Union and the US will reach a deal that could lower them to 10 to 15 percent. Trump recently struck a deal with Japan to reduce the proposed tariff from 25 to 15 percent, so a lower rate for Europe is possible. Until then, though, VW Group and other automakers are revealing just how much the tariffs are costing them. General Motors said the extra duties have cost it $1.1billion , while Stellantis reported they have cost the company $300 million. Tariff Trouble: Trump's Tariffs Might Force Nissan and Honda Into a Situationship Tariffs Are Already Killing New Cars Under $30,000: Study Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Source: Volkswagen Group Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
Yahoo
02-07-2025
- Business
- Yahoo
Greggs warns over profits as heatwave dents sales
The heatwave has hit sales at bakery chain Greggs as it warned over full-year earnings after seeing less demand for its hot food in recent searing temperatures. The group said fewer customers passed through its doors as Britain sweltered in blistering weather. While like-for-like sales rose 2.6% overall in the six months to June 28, it said growth slowed in June as 'high temperatures impacted consumer purchasing patterns'. 'Like-for-like sales in June were impacted as very high temperatures affected the UK, increasing demand for cold drinks but reducing our overall footfall,' it added. Greggs said it now expects that annual operating profits could be 'modestly' lower year on year. The UK has seen temperatures soar since late June, with the country experiencing its hottest day of the year so far on Tuesday, with temperatures exceeding 34C. The Met Office confirmed that 34.7C was recorded at St James's Park in central London on Tuesday afternoon, beating a 34.4C reading recorded in Writtle, Essex earlier in the day. Greggs said half-year results on July 29 are set to show lower operating profits for the first six months as it came up against strong trading from a year earlier. 'Whilst acknowledging that comparative like-for-like sales are less demanding in the second half of the year, in light of the current trading conditions the board now anticipates that the full-year operating profit could be modestly below that achieved in 2024,' the group said.
The Independent
02-07-2025
- Business
- The Independent
Greggs warns over profits as heatwave dents sales
The heatwave has hit sales at bakery chain Greggs as it warned over full-year earnings after seeing less demand for its hot food in recent searing temperatures. The group said fewer customers passed through its doors as Britain sweltered in blistering weather. While like-for-like sales rose 2.6% overall in the six months to June 28, it said growth slowed in June as 'high temperatures impacted consumer purchasing patterns'. 'Like-for-like sales in June were impacted as very high temperatures affected the UK, increasing demand for cold drinks but reducing our overall footfall,' it added. Greggs said it now expects that annual operating profits could be 'modestly' lower year on year. The UK has seen temperatures soar since late June, with the country experiencing its hottest day of the year so far on Tuesday, with temperatures exceeding 34C. The Met Office confirmed that 34.7C was recorded at St James's Park in central London on Tuesday afternoon, beating a 34.4C reading recorded in Writtle, Essex earlier in the day. Greggs said half-year results on July 29 are set to show lower operating profits for the first six months as it came up against strong trading from a year earlier. 'Whilst acknowledging that comparative like-for-like sales are less demanding in the second half of the year, in light of the current trading conditions the board now anticipates that the full-year operating profit could be modestly below that achieved in 2024,' the group said.
