Buffett’s Berkshire sells more stocks, cash pile swells to record $347.7 billion

Investing.com -- Berkshire Hathaway (NYSE:BRKb) reported a 14% drop in first-quarter operating earnings to $9.64 billion, down from $11.22 billion a year earlier, as insurance underwriting income declined sharply.

Insurance underwriting operating income fell 49% year-over-year to $1.34 billion, while insurance investment income rose 11% to $2.89 billion.

BNSF Railway posted operating income of $1.21 billion, up 6.2%, and Berkshire Hathaway Energy reported a 53% increase to $1.10 billion.

Net income dropped 64% to $4.60 billion. The company’s insurance float remained steady at $173 billion.Berkshire was a net seller of equities for the tenth consecutive quarter, purchasing $3.18 billion worth of stocks while selling $4.68 billion.

Despite the earnings decline, Berkshire’s cash pile surged to a record $347.7 billion in the quarter.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.Should you invest $2,000 in BRKb right now?

ProPicks AI are 6 model portfolios created by Investing.com which identify the best stocks for investors to buy now. The stocks that made the cut could produce monster returns in the coming years. Is BRKb one of them?

Unlock ProPicks AI to find out