Biglari Holdings Inc. News Release
Biglari Holdings reported its Q3 and first nine months 2024 financial results. The company's Q3 2024 net earnings were $32.1 million, compared to a loss of $56.5 million in Q3 2023. Pre-tax operating earnings decreased to $3.3 million in Q3 2024 from $20.3 million in Q3 2023. For the first nine months, net earnings declined to $6.5 million from $10.3 million year-over-year. The company recorded investment gains of $40.1 million in Q3 2024, contrasting with losses of $94.3 million in Q3 2023.
Biglari Holdings ha riportato i risultati finanziari del terzo trimestre e dei primi nove mesi del 2024. Gli utili netti del terzo trimestre 2024 dell'azienda sono stati di 32,1 milioni di dollari, rispetto a una perdita di 56,5 milioni di dollari nel terzo trimestre 2023. Gli utili operativi ante imposte sono diminuiti a 3,3 milioni di dollari nel terzo trimestre 2024, rispetto ai 20,3 milioni di dollari del terzo trimestre 2023. Nei primi nove mesi, gli utili netti sono calati a 6,5 milioni di dollari, rispetto ai 10,3 milioni di dollari dell'anno precedente. L'azienda ha registrato guadagni da investimenti di 40,1 milioni di dollari nel terzo trimestre 2024, in contrasto con perdite di 94,3 milioni di dollari nel terzo trimestre 2023.
Biglari Holdings informó sus resultados financieros del tercer trimestre y de los primeros nueve meses de 2024. Las ganancias netas del tercer trimestre 2024 de la compañía fueron de 32.1 millones de dólares, en comparación con una pérdida de 56.5 millones de dólares en el tercer trimestre de 2023. Las ganancias operativas antes de impuestos disminuyeron a 3.3 millones de dólares en el tercer trimestre de 2024 desde los 20.3 millones de dólares en el tercer trimestre de 2023. Durante los primeros nueve meses, las ganancias netas cayeron a 6.5 millones de dólares desde los 10.3 millones de dólares del año anterior. La compañía registró ganancias por inversiones de 40.1 millones de dólares en el tercer trimestre de 2024, contrastando con pérdidas de 94.3 millones de dólares en el tercer trimestre de 2023.
빅라리 홀딩스는 2024년 3분기 및 첫 9개월 재무 결과를 보고했습니다. 회사의 2024년 3분기 순이익은 3,210만 달러로, 2023년 3분기의 5,650만 달러 손실에 비해 개선되었습니다. 세전 운영 수익은 2023년 3분기의 2,030만 달러에서 2024년 3분기에는 330만 달러로 감소했습니다. 첫 9개월 동안 순이익은 전년 대비 650만 달러로 줄어들었습니다. 회사는 2024년 3분기에 4,010만 달러의 투자 이익을 기록했으며, 이는 2023년 3분기의 9,430만 달러 손실과 대조적입니다.
Biglari Holdings a publié ses résultats financiers pour le troisième trimestre et les neuf premiers mois de 2024. Les bénéfices nets de la société pour le troisième trimestre 2024 s'élevaient à 32,1 millions de dollars, contre une perte de 56,5 millions de dollars au troisième trimestre 2023. Les bénéfices d'exploitation avant impôts ont diminué à 3,3 millions de dollars au troisième trimestre 2024, contre 20,3 millions de dollars au troisième trimestre 2023. Pour les neuf premiers mois, les bénéfices nets ont chuté à 6,5 millions de dollars, par rapport à 10,3 millions de dollars l'année précédente. La société a enregistré des gains d'investissement de 40,1 millions de dollars au troisième trimestre 2024, contrastant avec des pertes de 94,3 millions de dollars au troisième trimestre 2023.
Biglari Holdings hat ihre finanziellen Ergebnisse für das dritte Quartal und die ersten neun Monate 2024 veröffentlicht. Der Nettogewinn des Unternehmens für das dritte Quartal 2024 betrug 32,1 Millionen Dollar, verglichen mit einem Verlust von 56,5 Millionen Dollar im dritten Quartal 2023. Die betrieblichen Erträge vor Steuern sanken im dritten Quartal 2024 auf 3,3 Millionen Dollar von 20,3 Millionen Dollar im dritten Quartal 2023. In den ersten neun Monaten gingen die Nettogewinne auf 6,5 Millionen Dollar zurück, verglichen mit 10,3 Millionen Dollar im Vorjahr. Das Unternehmen verzeichnete im dritten Quartal 2024 Anlagegewinne von 40,1 Millionen Dollar, was im Gegensatz zu Verlusten von 94,3 Millionen Dollar im dritten Quartal 2023 steht.
- Q3 2024 net earnings improved to $32.1 million from a loss of $56.5 million in Q3 2023
- Investment gains of $40.1 million in Q3 2024 versus losses of $94.3 million in Q3 2023
- Q3 2024 pre-tax operating earnings declined 83.9% to $3.3 million from $20.3 million in Q3 2023
- First nine months 2024 net earnings decreased 36.8% to $6.5 million from $10.3 million in 2023
- First nine months 2024 pre-tax operating earnings fell 27.2% to $28.7 million from $39.4 million in 2023
Insights
The Q3 2024 results reveal significant shifts in Biglari Holdings' performance. Pre-tax operating earnings dropped substantially to
Biglari Holdings Inc.'s earnings for the third quarter and first nine months of 2024 and 2023 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 | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Pre-tax operating earnings.................................................................................. | $ 3,272 | $ 20,298 | $ 28,673 | $ 39,384 | |||
Investment gains (losses)................................................................................... | 40,054 | (94,314) | (18,867) | (25,231) | |||
Income taxes and income attributable to noncontrolling interest............................. | (11,201) | 17,502 | (3,292) | (3,845) | |||
Net earnings (loss) attributable to Biglari Holdings shareholders............................. | $ 32,125 | $ (56,514) | $ 6,514 | $ 10,308 | |||
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.
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