Berkshire Hathaway repurchased $9.6 billion of stock in the third quarter and about $2 billion more in October while operating earnings fell to $12.71 billion.
The conglomerate's third-quarter operating earnings declined 6%, while net earnings fell 28% to $22.11 billion as insurance results weakened and gains on common-stock investments decreased.
Cash and equivalents ended September at $356.9 billion, down from $380.2 billion six months earlier. The repurchases indicate new CEO Greg Abel is putting more of the balance sheet to work.
This is an original summary, not a republication of the full report.
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