Berkshire Turns To Profit In Q1

(RTTNews) - Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) reported a profit for the first-quarter compared to a loss in the prior year, reflecting stock-market gains.

The earnings report came ahead of its annual shareholder meeting, which will take place on Saturday at 1:30 pm ET in Los Angeles with both Buffett and Vice Chairman Charlie Munger present. The event will be held virtually without attendees for a second time.

Berkshire reported that its first-quarter net earnings attributable to shareholders was $11.71 billion or $7,638 per Class A share compared to a loss of $49.75 billion or $30,653 per Class A share in the same quarter last year.

Investment and derivative contract gains was $5.70 billion compared to loss of $70.28 billion in the previous year.

Insurance underwriting produced after-tax earnings of $764 million in the first quarter of 2021 compared to $363 million last year.

Quarterly operating earnings grew to $7.02 billion from $5.87 billion in the prior year.

Total revenues for the first-quarter rose to $64.60 billion from $61.27 billion in the previous year.