(Bloomberg) — Berkshire Hathaway Inc. bought back $4.4 billion of stock, an increase from the same period last year, as Warren Buffett’s sprawling conglomerate confronted turbulent markets that offered fewer of the blockbuster deals the investor is renowned for.
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The company reported $8.07 billion of operating earnings, helped by its insurance unit, Berkshire said in a statement announcing first-quarter earnings on Saturday. The company is hosting its annual general meeting in Omaha, Nebraska, later in the day, where Buffett and his long-time business partner and Vice Chairman Charlie Munger will field questions from thousands of fans.
Berkshire topped up its cash pile, ending the quarter with roughly $130.6 billion, after finishing last year with $128.6 billion of cash on hand.
Geico, its auto insurance business, swung to a profit in the quarter, matching guidance Berkshire offered.
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