Biglari Holdings Inc. News Release

Rhea-AI Summary

Biglari Holdings Inc. released its third quarter and nine-month results for 2021, showing significant fluctuations in earnings. Pre-tax operating earnings were $754K in Q3, improving from a loss of $854K in 2020. However, net earnings dropped to a loss of $10.7M, contrasting with a profit of $21.1M in 2020. Investment gains were negative, contributing to a loss of $15.7M for Q3. The company emphasizes that operating results should be analyzed without the influence of investment fluctuations. Full details are available in their 10-Q filing.

Positive

• Pre-tax operating earnings improved to $754K in Q3 2021 from a loss of $854K in Q3 2020.
• Net earnings for the first nine months of 2021 were $21.1M, compared to a loss of $74.3M in 2020.

Negative

• Net earnings in Q3 2021 showed a loss of $10.7M compared to a profit of $21.1M in Q3 2020.
• Investment losses amounted to $15.7M in Q3 2021, contrasting with gains of $27.6M in Q3 2020.

San Antonio, TX, Nov. 5, 2021 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2021.

Biglari Holdings Inc.'s earnings for the third quarter and first nine months of 2021 and 2020 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com.

(dollars in thousands)
	Third Quarter								First Nine Months
	2021				2020				2021				2020
Pre-tax operating earnings (loss)	$	754			$	(854)			$	18,036			$	(10,354)
Investment gains	(15,697)				27,572				33,809				(87,413)
Income tax (expense) benefit	4,274				(5,617)				(11,544)				23,449
Net earnings (loss)	$	(10,669)			$	21,101			$	40,301			$	(74,318)

 

Analysis of Results:

Investments affect our reported quarterly earnings based on their carrying value. We do not regard the quarterly or annual fluctuations in our investments to be meaningful. Therefore, our operating businesses are best analyzed before the impact of investment gains. As a consequence, in the preceding table we separate earnings of our operating businesses from our investment gains.

About Biglari Holdings Inc.

Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants, and oil and gas. The Company's largest operating subsidiaries are involved in the franchising and operating of restaurants.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company's filings with the SEC.

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View original content:https://www.prnewswire.com/news-releases/biglari-holdings-inc-news-release-301417848.html

SOURCE Biglari Holdings Inc.

FAQ

What were the third quarter earnings for Biglari Holdings (BH, BH.A)?

Biglari Holdings reported pre-tax operating earnings of $754K for Q3 2021, compared to a loss of $854K in Q3 2020.

How did the net earnings of Biglari Holdings perform in the first nine months of 2021?

Net earnings for the first nine months of 2021 were $21.1M, a significant improvement from a loss of $74.3M in the same period in 2020.

What were the major investment gains reported by Biglari Holdings in Q3 2021?

In Q3 2021, Biglari Holdings reported investment losses of $15.7M, while investment gains were $27.6M in Q3 2020.

How did Biglari Holdings' financial results change year-over-year?

Year-over-year, Biglari Holdings saw a decrease in net earnings from a profit in Q3 2020 to a loss in Q3 2021, despite improved pre-tax operating earnings.