Warren Buffett’s Berkshire Hathaway Operating Earnings Drop, as Cash Pile Hits Record High

Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) on Saturday reported first-quarter operating earnings that dropped 14.1% year-over-year.

The Omaha, Neb.-based conglomerate posted operating earnings of $9.64 billion, down from $11.22 billion a year ago, as profits from Berkshire’s insurance underwriting business took a hit. 

Berkshire ended the quarter with a record $347.7 billion in cash, cash equivalents, and short-term investments in U.S. Treasury bills, up from $334.2 billion in the fourth quarter as Warren Buffett’s holding company kept up its selling spree. The company didn’t repurchase any stock in the period.

Buffett’s growing reserve has left many investors wondering how the company might eventually deploy it—or keep adding to it—after Buffett suggested last year that there just aren’t many candidates satisfying Berkshire’s criteria.

Berkshire’s latest results were announced ahead of the company’s annual shareholders meeting, which draws tens of thousands of visitors each year to hear the “Oracle of Omaha” talk about the company’s first-quarter earnings and the economy.

Berkshire’s Class B shares have gained 19% this year, at a time when the S&P 500 has lost a little over 3% amid heightened volatility, with Friday’s gains bringing the benchmark index back to its pre-“Liberation Day” levels.

This article has been updated since it was first published to include additional information.