Berkshire Hathaway stepped up its share repurchases in the third quarter, buying back $9.6 billion of stock as its operating profit declined 6 percent from a year earlier. The buyback pace marks an acceleration from prior quarters and signals that management continues to view its own shares as an attractive use of capital.
The company's operating businesses showed mixed results, with insurance underwriting and some industrial units offsetting softer performance elsewhere. Analysts noted that Berkshire's large cash position and steady repurchase program give it a defensive profile at a time when broader equity markets have turned volatile.
Investors parsed the figures as a statement of confidence in the conglomerate's valuation, particularly as several portfolio holdings have come under pressure in recent weeks. Berkshire has historically reserved buybacks for periods when its stock trades below what management considers intrinsic value.
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