In-depth Analysis and Data-driven Insights on … Berkshire, which acquired Precision for $32.1 billion in 2016 in its lar… Precision ended 2019 with 33,417 employees, meaning it has since shed about 30% of its workforce. That followed a $49.75 billion first-quarter loss.An accounting rule requires Berkshire to report unrealized stock gains and losses with net results, causing huge swings that Buffett considers meaningless.Second-quarter operating profit fell to $5.53 billion, or about $3,463 per Class A share, from $6.14 billion, or $3,757 per share, a year earlier.Revenue fell 11% to $56.8 billion, despite gains in some businesses including Duracell batteries, which rose 16%.Geico’s pretax underwriting profit increased fivefold to $2.06 billion because people drove less, resulting in significantly fewer accident claims.But Berkshire said Geico could suffer underwriting losses for the rest of the year, as it awards drivers $2.5 billion of credits on auto and motorcycle policy renewals.Berkshire ended June with a record $146.6 billion of cash and equivalents, and bought just $797 million of equities in the quarter.Buffett has since deployed some cash, agreeing to buy some Dominion Energy gas assets for $4 billion and adding more than $2 billion of Bank of America Corp stock. Berkshire Hathaway said it expects the Portland company’s profits will be hurt throughout 2020 due to “inefficiencies” caused by declining aircraft production.Berkshire Hathaway warned Monday that Precision Castparts’ performance may suffer indefinitely due to the uncertain outlook for the air travel sector.Note to readers: if you purchase something through one of our affiliate links we may earn a commission.Registration on or use of this site constitutes acceptance of our © 2020 Advance Local Media LLC. “The market should react positively, because it shows Berkshire is confident in its prospects.”Those repurchases confirmed Berkshire’s hint in a July 8 regulatory filing it had become more aggressive with buybacks after loosening its buyback policy in 2018.Berkshire businesses suffering from the pandemic also include the BNSF railroad, which saw lower shipping volumes, and retailers including See’s candies that temporarily closed stores.Companies in which Berkshire recently made large investments have also been struggling.Berkshire recorded a $513 million loss on its 26.6% stake in Kraft Heinz Co
, after the food company took several writedowns including for Maxwell House and Oscar Mayer.Meanwhile, Occidental Petroleum Corp, where Berkshire invested $10 billion last August, has also pummeled by sinking oil prices.Berkshire’s overall quarterly net income rose to $26.3 billion, or $16,314 per Class A share, from $14.07 billion, or $8,608 per share, a year earlier. All currency conversions used in the creation of this report have been calculated using constant annual average 2019 currency rates. (Reuters) – Berkshire Hathaway Inc on Saturday announced a $9.8 billion writedown and 10,000 job losses at its Precision Castparts aircraft parts unit, as the coronavirus pandemic caused widespread pain at Warren Buffett’s conglomerate.Despite the writedown, Berkshire said second-quarter net income surged 87% because of gains in stock investments such as Apple Inc as markets rebounded.Operating profit fell 10%, cushioned by a temporary bump at the Geico auto insurer, as the pandemic caused “relatively minor to severe” damage to most of Berkshire’s more than 90 operating businesses.“The writedown was prudent,” said Cathy Seifert, an equity analyst at CFRA Research. Precision Castparts eliminates 10,000 jobs as aerospace work collapsesOregonLive All rights reserved ( Precision Castparts Corp. is an American industrial goods and metal fabrication company that manufactures investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries.In 2009 it ranked 362nd on the Fortune 500 list, and 11th in the aerospace and defense industry. The Covid-19 Impact on Global Aerospace High Performance Alloys is estimated at US$ XX million in 2019 and will reach US$ YY million by the end of 2025, growing at compound annual growth rate of ZZ% during 2019-2025. By Jonathan Stempel (Reuters) - Berkshire Hathaway Inc on Saturday announced a $9.8 billion writedown and 10,000 job losses at its Precision Castparts aircraft and industrial parts business, as the coronavirus pandemic caused widespread pain for Warren Buffett's conglomerate. schools reopening, Hillsborough School District opts for online onlyAmerican Workers First: President Trump’s executive order on relief
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