Biglari Holdings Inc. News Release
Biglari Holdings Inc. (NYSE: BH.A; BH) reported its third quarter and nine-month financial results for 2022. Pre-tax operating earnings reached $12,794 for Q3, significantly up from $754 in 2021. Total net earnings attributable to shareholders were $32,005, contrasting with a loss of $10,669 in the prior year. Investment gains for the quarter were $28,809, compared to losses of $15,697 in Q3 2021. The company emphasizes that operating results are more relevant than investment fluctuations.
- Pre-tax operating earnings for Q3 2022 are $12,794, a significant increase from $754 in Q3 2021.
- Net earnings attributable to shareholders for Q3 2022 reached $32,005, compared to a loss of $10,669 in Q3 2021.
- Investment gains in Q3 2022 amounted to $28,809, unlike the losses of $15,697 in Q3 2021.
- Investment losses for the first nine months of 2022 were $86,428, compared to gains of $33,809 in 2021.
- Net loss attributable to shareholders for the first nine months of 2022 was $42,073, while it was $40,301 in 2021.
SAN ANTONIO, Nov. 4, 2022 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2022.
Biglari Holdings Inc.'s earnings for the third quarter and first nine months of 2022 and 2021 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 | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Pre-tax operating earnings attributable to Biglari Holdings shareholders | $ 12,794 | $ 754 | $ 31,073 | $ 18,036 | |||
Investment gains (losses) | 28,809 | (15,697) | (86,428) | 33,809 | |||
Income tax (expense) benefit | (9,598) | 4,274 | 13,282 | (11,544) | |||
Net earnings (loss) attributable to Biglari Holdings shareholders | $ 32,005 | $ (10,669) | $ (42,073) | $ 40,301 | |||
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. 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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SOURCE Biglari Holdings Inc.
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