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Berkshire Hathaway’s cash reserves declined to $364.7 billion in the second quarter as CEO Greg Abel accelerated share repurchases and increased the conglomerate’s investments in the stock market.
The Warren Buffett-built company repurchased $4.53 billion of Berkshire Hathaway shares during the three months through June, significantly increasing its buyback activity from the first quarter. Berkshire had resumed repurchasing its stock earlier this year after going more than a year without buybacks.
Berkshire also became a net buyer of stocks for the first time in 15 quarters, deploying billions of dollars into major equity holdings, including Alphabet. The shift represents a notable change in capital allocation after Berkshire ended the previous quarter with a record cash and U.S. Treasury position of roughly $380 billion.
The increased spending suggests Abel is willing to put Berkshire Hathaway’s massive cash pile to work when attractive investment opportunities emerge. Berkshire’s long-standing policy allows management to repurchase shares when they believe the stock is trading below intrinsic value, provided the company maintains at least $30 billion in cash.
Despite the increased investment activity, Berkshire continues to hold substantial liquidity that could be used for acquisitions, additional stock purchases or protection during an economic downturn.
Berkshire Hathaway operating profit increased 16% to $12.98 billion during the quarter. Stronger results from BNSF Railway, private aviation company NetJets and electronics distributor TTI helped offset weaker earnings at auto insurer GEICO.
Net income attributable to Berkshire shareholders more than doubled to $25.67 billion, or $17,868 per Class A equivalent share, compared with $12.37 billion, or $8,601 per share, a year earlier.
Investment gains reached $16.08 billion, largely reflecting unrealized appreciation in Berkshire’s major stock holdings, which include Alphabet, Apple, American Express, Bank of America and Coca-Cola.
The latest Berkshire Hathaway earnings offer an important look at Abel’s capital allocation strategy after succeeding Buffett as CEO at the beginning of the year. Investors are now watching whether Berkshire will continue deploying its enormous cash reserves through stock purchases, buybacks and potentially larger acquisitions.
