Berkshire Hathaway Inc. News Release
February 28 2015 - 8:00AM
Business Wire
Berkshire Hathaway Inc. (BRK.A; BRK.B) –
We show below summary financial data for the fourth quarter and
full year. However, we urge investors and reporters to carefully
read our Annual Report, which has been posted on the Internet at
www.berkshirehathaway.com. The limited information that follows in
this press release is totally inadequate for making an informed
investment judgment or for an evaluation of 2014 business
performance. Earnings are stated on an after-tax basis. (Dollar
amounts are in millions, except for per share amounts).
Fourth
Quarter
Full Year
2014
2013
2014
2013
Operating earnings
$ 3,963
$ 3,776 $
16,551 $ 15,139
Investment and derivative gains/losses Investment gains 285
880 2,992 2,642 Derivative gains/losses
(93 )
334 329
1,695 192
1,214 3,321
4,337 Net earnings attributable to
Berkshire shareholders
$ 4,155
$ 4,990 $
19,872 $ 19,476
Operating earnings per Class A equivalent
share $ 2,412 $ 2,297 $ 10,071 $ 9,211 Investment and derivative
gains per Class A equivalent share
117
738 2,021
2,639 Net earnings per Class A
equivalent share attributable to Berkshire shareholders
$
2,529
$
3,035
$
12,092
$
11,850
Average Class A equivalent shares outstanding
1,642,859 1,643,883 1,643,456 1,643,613 Book value per Class A
equivalent share at December 31
$ 146,186
$ 134,973
Note: Per share amounts for the Class B
shares are 1/1,500th those shown for the Class A.
An analysis of Berkshire’s operating earnings follows
(dollar amounts are in millions).
Fourth
Quarter
Full Year
2014
2013
2014
2013
Insurance-underwriting $ 191 $ 394 $ 1,692 $ 1,995
Insurance-investment income 880 904 3,542 3,708 Non-insurance
businesses 3,027 2,748 11,462 10,148 Other
(135
)
(270 )
(145 )
(712 ) Operating earnings
$
3,963 $ 3,776
$ 16,551 $
15,139
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 are often meaningless.
At December 31, 2014, our book value had increased by 8.3% since
yearend 2013 to $146,186 per Class A equivalent share. Insurance
float (the net liabilities we assume under insurance contracts) at
December 31, 2014 was approximately $84 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 derivative gains/losses.
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.
About Berkshire
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.
Cautionary Statement
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 forecasted.
Berkshire Hathaway Inc.Marc D. Hamburg, 402-346-1400
Berkshire Hathaway (NYSE:BRKA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Berkshire Hathaway (NYSE:BRKA)
Historical Stock Chart
From Sep 2023 to Sep 2024