Buffett’s firm to report earnings on Friday before meeting
OMAHA, Neb. (AP) — Billionaire Warren Buffett’s company will release its first-quarter earnings report on Friday __ one day before tens of thousands of shareholders will gather to hear the investor answer questions at the annual meeting.
Buffett warned in his annual letter that new accounting rules that took effect this year could produce some big swings in Berkshire Hathaway’s bottom line profits.
The rules require companies to change the way they account for the value of their investments. Berkshire holds a large investment portfolio in addition to owning more than 90 companies, including Geico insurance, BNSF railroad, several utilities and manufacturers.
Buffett says investors should pay more attention to operating earnings, which exclude the tax changes and investment values, to get a better sense of how Berkshire’s businesses are performing.