Berkshire Hathaway stock was on the rise Monday following the release of its earnings report for the third quarter of 2018.
The big news from Berkshire Hathaway’s most recent earnings report is that it bought back large sums of its stock during the quarter. The company notes that it repurchased some $928 million of its own stock during the quarter.
This had the company repurchasing 225 shares of its Class A stock for an average price of $312,806.74 each. It also includes the purchase of 4,139,192 shares of the company’s Class B stock for an average price of $207.09 per share. This news sent Berkshire Hathaway stock up today.
The remainder of the earnings report for the third quarter of 2018 was also good news for Berkshire Hathaway stock. The company reported earnings per share of $11,280. This is an increase over its earnings per share of $2,473 reported in the third quarter of 2017. It also easily beat out Wall Street’s earnings per share estimate of $3,827.05 for the period, making it good news for Berkshire Hathaway stock.
Berkshire Hathaway’s earnings report for the third quarter of the year also includes revenue of $63.45 billion. This is better than the company’s revenue of $59.51 million reported in the same period of the year prior. While this does have it coming in below analysts’ revenue estimate of $63.94 billion for the quarter, it wasn’t enough to keep Berkshire Hathaway stock down today.
BRK.A stock was up 5% and BRK.B stock was also up 5% as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.