BIGLARI HOLDINGS INC. NEWS RELEASE

Rhea-AI Summary

Biglari Holdings Inc. announces its first quarter earnings for 2023, with pre-tax operating earnings of $9,049 and net earnings of $64,886. Investment gains were $76,226. Shareholders are encouraged to review the 10-Q for more details.

Positive

• Biglari Holdings Inc. reported a significant increase in net earnings for the first quarter of 2023 compared to the same period in 2022. The pre-tax operating earnings also showed a positive growth. Investment gains were substantial, contributing to the overall earnings.

Negative

• No negative takes found.

SAN ANTONIO, May 5, 2023 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the first quarter of 2023.

Biglari Holdings Inc.'s earnings for the first quarter 2023 and 2022 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)
	First Quarter
	2023		2022
Pre-tax operating earnings	$             9,049		$           5,967
Investment gains (losses)	76,226		(6,436)
Income tax (expense) benefit and earnings attributable to noncontrolling interest	(20,389)		171
Net earnings (loss) attributable to Biglari Holdings shareholders	$           64,886		$            (298)

 

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, licensing and media, restaurants, and oil and gas.

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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SOURCE Biglari Holdings Inc.

FAQ

What were Biglari Holdings Inc.'s pre-tax operating earnings for the first quarter of 2023?

Biglari Holdings Inc.'s pre-tax operating earnings for the first quarter of 2023 were $9,049.

What were the net earnings for the first quarter of 2023?

The net earnings for the first quarter of 2023 were $64,886.

What were the investment gains for the first quarter of 2023?

The investment gains for the first quarter of 2023 were $76,226.

Where can shareholders find more details about the earnings?

Shareholders can find more details about the earnings in the 10-Q, which is available on the company's website at www.biglariholdings.com.