Berkshire Hathaway repurchased $9.6 billion of its stock in the third quarter, more than double the $4.5 billion bought back in the second quarter. Year-to-date buybacks reached approximately $14.4 billion.
The acceleration occurred as the conglomerate's operating earnings fell 5.8% to $12.705 billion from $13.485 billion a year earlier. Insurance underwriting profits tumbled 43% to $1.352 billion, and insurance investment income declined 14% to $2.734 billion. The railroad, energy and manufacturing businesses all posted year-over-year earnings growth.
Overall net earnings dropped 28% to $22.112 billion from $30.796 billion in the prior year quarter. Investment gains fell nearly 50% to $9.407 billion.
Despite earnings headwinds, Berkshire stock outperformed recently. Class A shares gained more than 12% over the past month, while the S&P 500 fell 5.5% in that period. Year to date, Berkshire has risen 13% versus 7.8% for the S&P 500.
Berkshire's five largest equity holdings remained unchanged in the third quarter: Alphabet, American Express, Apple, Bank of America, and Coca-Cola.
The conglomerate's total cash hoard increased 3% to $377.435 billion from $365.514 billion in the second quarter. Excluding rail and utility cash along with T-bill payables, cash holdings totaled $352.3 billion, down 1.9% sequentially.