Berkshire Hathaway Inc. (BRK.A; BRK.B) -
Berkshire's operating results for the first quarter of 2014 and 2013 are
summarized in the following paragraphs. However, we urge investors and
reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com.
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 quarter of 2014 and 2013 are summarized below. Earnings
are stated on an after-tax basis. (Dollar amounts are in millions,
except for per share amounts).
Note: Per share amounts for the Class B shares are 1/1,500th
of those shown for the Class A.
An analysis of Berkshire's operating earnings follows (dollar amounts
are in millions).
In the table at the top of the page (which, as noted, reports after-tax
results), we give investment and derivative gains/losses lines of their
own because the amounts of these in any given quarter or year is
At March 31, 2014, our book value had increased by 2.6% since yearend
2013 to $138,426 per Class A equivalent share. Insurance float (the net
liabilities we assume under insurance contracts) at March 31, 2014 was
approximately $78 billion.
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 and
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,
under applicable GAAP accounting requirements, losses can be created as
the result of other-than-temporary declines in value without actual
realization or when certain types of investments are marked-to-market
through earnings. In sum, investment and derivative gains/losses for any
particular period are not indicative of quarterly business performance.
Berkshire Hathaway and its subsidiaries engage in diverse business
activities including property and casualty insurance and reinsurance,
utilities and energy, freight rail transportation, finance,
manufacturing, retailing and services. Common stock of the company is
listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
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
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