What to Watch for in Berkshire Hathaway’s Earnings Report

Barrons2021-02-26

Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its fourth-quarter earnings on Saturday in conjunction with CEO Warren Buffett’s eagerly awaited ...

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ADL
2021-02-28
ADL
how do i fulfil the comment reward?
Jinhongg
2021-02-28
Jinhongg
Nice
Bobthebuild
2021-02-26
Bobthebuild
Interesting
GM33
2021-02-26
GM33
[财迷]
Lty1098
2021-02-26
Lty1098
Please help to like n comment
- GM33:
  Sure

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A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&P 500 in 2019 and 2020 by a total of more than 40 percentage points.\nThe fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.\nBerkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.\nBerkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.\nThe company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.\nIt’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.\nBuffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,Barron’surged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.\nThe CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.\nApple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).\nBook value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.\nBook value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.\nBerkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.\nIt will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.\nBerkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.\nBerkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.\nThe overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.\nBarron’s has argued that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.\nIn the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.\nIn fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).\nBuffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.\nSuccession is also on the minds of investors, with Buffett having turned 90 in August.\nBarron’s has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":366401898,"gmtCreate":1614527135114,"gmtModify":1703478028059,"author":{"id":"3572161139823685","authorId":"3572161139823685","name":"ADL","avatar":"https://static.tigerbbs.com/46f309a3de1b3b77e46ca01bc05767be","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3572161139823685","idStr":"3572161139823685"},"htmlText":"how do i fulfil the comment reward?","listText":"how do i fulfil the comment reward?","text":"how do i fulfil the comment reward?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/366401898","repostId":1168093489,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":366878436,"gmtCreate":1614454861025,"gmtModify":1703477609516,"author":{"id":"3573884475918913","authorId":"3573884475918913","name":"Jinhongg","avatar":"https://static.tigerbbs.com/88e815558d5228d49bf3ce44bb3bf727","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3573884475918913","idStr":"3573884475918913"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/366878436","repostId":1168093489,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":368689496,"gmtCreate":1614317790015,"gmtModify":1703476280619,"author":{"id":"3576052661337683","authorId":"3576052661337683","name":"Bobthebuild","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3576052661337683","idStr":"3576052661337683"},"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368689496","repostId":1168093489,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":368861713,"gmtCreate":1614308760332,"gmtModify":1703476154233,"author":{"id":"3569478069644531","authorId":"3569478069644531","name":"GM33","avatar":"https://static.tigerbbs.com/93e233e9c84746e3cbd703306142c4eb","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3569478069644531","idStr":"3569478069644531"},"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/368861713","repostId":1168093489,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":368861807,"gmtCreate":1614308732009,"gmtModify":1703476152852,"author":{"id":"3573201360768736","authorId":"3573201360768736","name":"Lty1098","avatar":"https://static.tigerbbs.com/0123641e5b1e8993162711702dcb0f22","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3573201360768736","idStr":"3573201360768736"},"htmlText":"Please help to like n comment","listText":"Please help to like n comment","text":"Please help to like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/368861807","repostId":1168093489,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3667533,"gmtCreate":1614308914728,"gmtModify":1635760925186,"authorId":3569478069644531,"author":{"id":3569478069644531,"idStr":"3569478069644531","authorId":3569478069644531,"name":"GM33","avatar":"https://static.tigerbbs.com/93e233e9c84746e3cbd703306142c4eb","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":368861807,"type":1,"supId":0,"prevId":0,"content":"Sure","text":"Sure","html":"Sure"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":34,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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