Berkshire Accelerates Buybacks as Profit Falls
Berkshire Hathaway accelerated stock repurchases under CEO Greg Abel while reporting a 6% drop in third-quarter operating profit. Insurance results weighed on earnings despite growth at BNSF railway.
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BERKSHIRE HATHAWAY INC-CL B accelerated stock repurchases to $9.6 billion in the third quarter, while operating profit fell 6% to $12.71 billion. The move highlights CEO Greg Abel's aggressive deployment of capital compared to his predecessor Warren Buffett. The conglomerate ended September with $356.9 billion in cash equivalents.
