Author Topic: Q1 Results  (Read 3009 times)

aws

  • Full Member
  • ***
  • Posts: 198


gfp

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 1816
Re: Q1 Results
« Reply #1 on: May 04, 2019, 05:17:19 AM »
Poor Berky WEB site..  Care to attach the Q as a file attachment here?

(never mind - it finally loaded for me)

gfp

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 1816
Re: Q1 Results
« Reply #2 on: May 04, 2019, 05:28:27 AM »
So basically, he started repurchasing shares the Tuesday after the Annual Report was released and repurchased through he end of the quarter.  I'll do some figuring to see what the repurchase activity was between quarter end and 4/25.

Also appears he did not continue adding to JPM in the quarter (at least not more than a few hundred million dollars worth - if anything)

aws

  • Full Member
  • ***
  • Posts: 198
Re: Q1 Results
« Reply #3 on: May 04, 2019, 05:30:59 AM »
It was basically nothing after 3/31 - maybe 10 A shares net reduction

frog03

  • Lifetime Member
  • Full Member
  • *****
  • Posts: 179
Re: Q1 Results
« Reply #4 on: May 04, 2019, 05:31:27 AM »
BVPS per B share.  150...

gfp

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 1816
Re: Q1 Results
« Reply #5 on: May 04, 2019, 05:35:52 AM »
It was basically nothing after 3/31 - maybe 10 A shares net reduction

I see B shares actually a bit higher at 4/25 and A shares reduced by 641 shares (some of which may have been A -> B conversions).  Could be 100-200 million dollars worth of repurchases, but its hard to know for sure.  There are still some share issuances out there from things like the BNSF merger.

Actually I see my error - it is a net reduction of 157 A share equivalents

« Last Edit: May 04, 2019, 05:40:27 AM by gfp »

aws

  • Full Member
  • ***
  • Posts: 198
Re: Q1 Results
« Reply #6 on: May 04, 2019, 05:41:53 AM »
I just compared the total reduction between the 10-K share figure and the 10-Q and backed out the repurchases in the 10-Q and got a net B share equivalent reduction of 140k shares.  Not sure about how much they did in issuance.

The timing is interesting to me.  It seems like they might follow standard blackout period rules, which I believe is no repurchases starting one month before earnings are released.

gfp

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 1816
Re: Q1 Results
« Reply #7 on: May 04, 2019, 07:40:04 AM »
Fascinating that Warren basically said the repurchases are so low because the stock is not that undervalued.  It's undervalued, but not back up the truck undervalued.

Charlie: "I predict we will get more liberal with share repurchases over time"

Dynamic

  • Hero Member
  • *****
  • Posts: 540
Re: Q1 Results
« Reply #8 on: May 04, 2019, 08:02:05 AM »
Interesting.

The KHC Q1 results weren't published but even without then the earnings handily beat 2018Q1. If the 27% share in KHC contributes around $200-230 million it's easily better.

I noticed they stopped publishing Book Value in the press releases this year now that it doesn't affect the buyback threshold. Using the 31 March shares outstanding, I made BV per A Share $225,553 and BV per B Share $150.37 before KHC earnings.

If the 27% stake in KHC adds about 215+/-15 million USD to BRK's earnings, it might add about $0.08 to $0.10 of Book Value per BRK.B share.
$225,685 per A share or $150.46 per B Share assuming about 215 million from KHC

[edited to correct mistake in shares outstanding at 31st March. Adds about $0.35 per B share to Book Value.]
« Last Edit: May 07, 2019, 01:09:28 AM by Dynamic »

Spekulatius

  • Hero Member
  • *****
  • Posts: 3264
Re: Q1 Results
« Reply #9 on: May 04, 2019, 10:58:19 AM »
Operating earnings are pretty good, but their equity investments are clearly underperforming. They made ~$19.5B this quartet, but lost $27.6B last quarter. This is worse than the general market.
« Last Edit: May 04, 2019, 11:47:05 AM by Spekulatius »
To be a realist, one has to believe in miracles.