Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability

Wide-moat Berkshire Hathaway reported adjusted first-quarter results that were about in line with our expectations. We are leaving in place our fair value estimates of $640,000 per Class A share and $427 per Class B share in place. First-quarter reported revenue, which includes unrealized and realized gains/losses from Berkshire's investments and derivatives portfolios, declined 23.6% year over year to $91.7 billion, as the company lapped significant unrealized and realized investment gains during the first quarter of 2023. Excluding the impact of these investment and derivative gains/losses and other adjustments, first-quarter operating revenue increased 5.2% to $89.9 billion.