OMAHA, Neb. (Reuters) – Warren Buffett’s Berkshire Hathaway Inc (NYSE 🙂 Inc stated Saturday that the quarterly operating profit of Warren Buffett’s Berkshire Hathaway Inc was very similar to last year. This is due to better results from manufacturing, retailing, and service businesses, which offset lower profits from underwriting insurance.

In addition to committing $18 billion for the acquisition of insurance Alleghany Corp (NYSE 🙂 Corp, and the stock of Occidental Petroleum Corp(NYSE :), the conglomerate said that it repurchased $3.2 Billion of its stock during the quarter.

From $7.02billion last year, the operating profit for the first quarter jumped to $7.04billion.

In comparison to the $11.71 billion or $7,638 Class A share a year prior, net income reached $5.46 trillion, or $3.702 per class A share.

Berkshire has released its results before the first annual shareholder meeting in person since 2019, which will be held in Omaha (Nebraska), where it is located.