New York (CNN Business)Warren Buffett's Berkshire Hathaway returned to profitability in the first quarter of this year after reporting a nearly $50 billion loss during the first quarter of 2020 due to the Covid-19 pandemic.
Berkshire Hathaway (BRKB), a sprawling conglomerate that owns companies ranging from the Geico insurance giant and Burlington Northern Santa Fe railroad to well-known consumer brands like Dairy Queen, Benjamin Moore paints and Duracell batteries, posted a net profit of $11.7 billion and operating profit (the metric Buffett prefers to highlight) of $7 billion.
Berkshire Hathaway said in a filing with the Securities and Exchange Commission Saturday that revenue for many of its manufacturing, services and retailing businesses "experienced significant recoveries in revenues and earnings" over the past few months as the economy has reopened.
But despite this optimism, Berkshire Hathaway also continued to plow money into buying back its own stock as opposed to using cash to do more acquisitions.
Photos: Warren Buffett's life in pictures
Photos: Warren Buffett's life in pictures
Warren Buffett smiles during an interview in Omaha, Nebraska, in May 2018.
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Photos: Warren Buffett's life in pictures
Buffett was born in Omaha, Nebraska, on August 30, 1930. He was the only son of Laila and Howard Buffett. Howard was a US congressman.
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A young Buffett, far left, is seen with his grandfather, Ernest, as well as his cousins and two sisters.
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Photos: Warren Buffett's life in pictures
Laila Buffett poses with her three children -- from left, Roberta, Warren and Doris.
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Photos: Warren Buffett's life in pictures
Warren Buffett stands in front of his childhood home in Omaha.
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Photos: Warren Buffett's life in pictures
Buffett teaches a class at the University of Nebraska-Omaha.
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Photos: Warren Buffett's life in pictures
Buffett married his first wife, Susan, in 1952. They had three children together: Peter, Howard and Susan. The latter two are seen here with their parents.
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Buffett and his wife pose at the beach with their three children.
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Photos: Warren Buffett's life in pictures
Buffett poses for a photo in 1980.
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Photos: Warren Buffett's life in pictures
Buffett testifies before a House subcommittee after the Salomon Brothers investment bank was caught in a treasury bond scandal in 1991. Buffett took over as the company's chairman of the board to guide it out of troubles with the Federal Reserve System.
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Buffett attends one of Berkshire's annual shareholders meeting. Seated with him here are his daughter Susan, left, and his wife Susan. Buffett's wife died in 2004.
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Photos: Warren Buffett's life in pictures
Buffett arrives at an Omaha Dairy Queen to autograph books and chat with Berkshire Hathaway shareholders in 2002. Many people were in Omaha for Berkshire Hathaway's annual shareholders meeting, which has been described as "the Woodstock of Capitalism."
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Photos: Warren Buffett's life in pictures
Buffett attends a GEICO ceremony in Trenton, New Jersey, in 2004.
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Buffett joins California Gov. Arnold Schwarzenegger during a meeting of Wall Street investors in New York in 2004. Buffett advised Schwarzenegger's gubernatorial campaign in 2003.
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Buffett sits atop a fake bull at the Berkshire Hathaway annual meeting in 2006.
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Photos: Warren Buffett's life in pictures
Buffett stacks his chips at a charity poker tournament in Omaha in 2006.
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Buffett plays the ukulele with a band during the Berkshire Hathaway meeting in 2007. He learned the instrument decades ago.
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Photos: Warren Buffett's life in pictures
Buffett stands in front of a portrait of himself, painted by Michael Israel, in 2008.
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Buffett throws out the first pitch before a Kansas City Royals baseball game in 2008.
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Photos: Warren Buffett's life in pictures
Buffett sits with Girl Scouts in Omaha in 2008.
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Buffett uses a large paddle to play table tennis in 2010.
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Photos: Warren Buffett's life in pictures
Buffett and Microsoft Chairman Bill Gates enjoy a meal together at the Hollywood Diner in Omaha in 2010. That year, the two launched The Giving Pledge, which encourages the world's billionaires to dedicate the majority of their wealth to philanthropic causes.
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Buffett is sworn in to testify before the Financial Crisis Inquiry Commission in 2010. The bipartisan committee was created by Congress to investigate the causes of the financial crisis.
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President Barack Obama awards the Presidential Medal of Freedom to Buffett in 2011. "Today, we know Warren Buffett not only as one of the world's richest men, but also one of the most admired and respected," Obama said. "Unmoved by financial fads, he has doggedly sought out value, put his weight behind companies with promise and demonstrated that integrity isn't just a good trait -- it is good for business."
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Buffett is mobbed by journalists and shareholders during Berkshire Hathaway's annual shareholders meeting in 2011.
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Buffett talks with his son Peter before the start of the shareholders meeting in 2011.
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Buffett poses for a photo in Omaha in 2012.
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Photos: Warren Buffett's life in pictures
Buffett and his second wife, Astrid, arrive at the White House for a state dinner honoring British Prime Minister David Cameron in 2012. The next month, Buffett confirmed that he had been diagnosed with Stage 1 prostate cancer. He underwent radiation treatments and told Berkshire Hathaway shareholders that the cancer was "not remotely life-threatening."
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Buffett looks out at Omaha in 2012.
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Buffett wears a Woodrow Wilson High School jacket as he attends an event in Washington, DC, in 2012. Buffett graduated from the Washington high school in 1947.
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Buffett is photographed for Forbes magazine in 2012.
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Buffett listens as his son Howard speaks during an interview in New York in 2013. Buffett and his late first wife, Susan, gave and pledged billions to each of their three children to fund charitable foundations. Howard, an Illinois farmer, picked global hunger as his target.
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Buffett spins a basketball with the help of Chris "Handles" Franklin, one of the Harlem Globetrotters, at the Berkshire Hathaway shareholders meeting in 2013. At left is football star Ndamukong Suh.
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Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are seen on a giant screen during the Berkshire Hathaway shareholders meeting in 2013.
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Buffett arrives for a conference in Sun Valley, Idaho, in 2014.
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Buffett introduces products to shareholders before their annual meeting in 2014.
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Buffett goofs off with Cleveland Cavaliers mascot Moon Dog prior to an NBA game in 2014.
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Buffett does an interview in 2015.
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Buffett listens as presidential candidate Hillary Clinton speaks during an event in Omaha in 2015. Buffett said at the rally that he was supporting Clinton's bid for president because they share a commitment to help the less affluent.
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Buffett attends the world premiere of "Becoming Warren Buffett," a documentary about his life, in 2017.
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Buffett attends Forbes' 100th anniversary gala in New York in 2017.
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Buffett walks through the exhibit hall during Berkshire Hathaway's shareholders meeting in 2019.
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Buffett speaks during Berkshire Hathaway's virtual shareholders meeting in May 2020.
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Berkshire Hathaway spent nearly $6.6 billion to repurchase the more expensive Class A shares as well as the more affordable Class B stock in the quarter.
Even after those stock purchases, Berkshire's massive cash pile has grown. It now has about $145.4 billion in cash on its balance sheet, up from $138.3 billion at the end of 2020.
One Berkshire A share (BRKA), which has never split its stock, is now trading at $412,500. The B shares, which do split in order to be more affordable for average investors, closed at a price of just under $275 on Friday.
Berkshire's two classes of stock have both rebounded with the broader market this year. They are each up nearly 20% so far in 2021.
Still, some investing experts wonder if Buffett has lost his magic touch. Berkshire, despite making bets on top tech stocks like Apple (AAPL) and Amazon (AMZN) during the past few years, has lagged the broader market as of late.
Berkshire Hathaway stock is up about 90% in the past five years while the S&P 500 has more than doubled and the Nasdaq has soared nearly 200%.
Buffett, along with Berkshire vice chairmen Charlie Munger, Ajit Jain and Greg Abel, will talk more about the stock market rebound and economy as well as a host of other issues later Saturday when the company hosts its annual shareholder meeting.
The meeting, which will be held in Los Angeles instead of Berkshire's hometown of Omaha, Nebraska, will be a virtual event for the second straight year due to Covid-19 and will be broadcast live on Yahoo Finance starting around 12:30 ET.
