Buffett’s Berkshire turns $21bn profit - but Kraft Heinz numbers missing

06 May, 2019, 00:33 | Author: Gerard Cortez
  • Berkshire Hathaway Chairman and CEO Warren Buffett and his Vice Chairman Charlie Munger in red tie are seen on large screens as they preside over the Berkshire Hathaway shareholders meeting in Omaha Neb. Saturday

Among other businesses, the Berkshire Hathaway Energy unit posted a 3-percent profit increase, while earnings from retailing and services units increased 16 percent, despite a 19 percent revenue drop at See's sweets because Easter fell late.

The Berkshire Hathaway 2019 Annual Shareholders Meeting kicked off early Saturday morning with Warren Buffett and Charlie Munger delivering welcome statements.

Billionaire investor Warren Buffett's sprawling conglomerate Berkshire Hathaway has revealed a big profit boost after racking up a loss a year ago - but the figures exclude any hit from Kraft Heinz.

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Mr Buffett said 3G's management, which is responsible for the day-to-day running of the food company, was doing well operationally.

Berkshire also said it repurchased $1.7 billion of its stock in the quarter, reflecting Buffett's troubles to find better uses for the Omaha, Nebraska-based conglomerate's cash hoard, which now totals $114.2 billion. Its annual shareholder meeting is Saturday.

Investing in Amazon, whose shares are approaching $2,000 apiece, might seem at odds with Buffett's usual approach of buying stakes in profitable companies that are undervalued by the market. On Friday, shares of Amazon jumped more than 3%. That hasn't just benefitted Buffett, but also Apple shareholders in general. "I hope [Buffett] lives forever, but that's probably not a good bet".

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