Biglari Holdings (BHA) Q3 2024 earnings summary

Executive summary

• Net earnings attributable to shareholders were $32.1 million for Q3 2024, compared to a net loss of $56.5 million in Q3 2023; year-to-date net earnings were $6.5 million, down from $10.3 million in the prior year.

• Reported a net loss attributable to shareholders of $11.2 million for Q3 2024, compared to net earnings of $3.3 million in Q3 2023.

• For the first nine months of 2024, net earnings were $20.3 million, down from $40.1 million in the same period of 2023.

• Significant improvement in investment partnership gains, with $35.3 million in Q3 2024 versus a loss of $89.6 million in Q3 2023.

• Restaurant operations, insurance, and oil & gas segments all contributed positively to pre-tax earnings.

Financial highlights

• Q3 2024 net earnings per Class A share were $114.77, compared to a loss of $195.55 per share in Q3 2023.

• Pre-tax operating earnings for Q3 2024 were a loss of $94.3 million, compared to a gain of $17.5 million in Q3 2023.

• Investment gains for Q3 2024 were $28.7 million, down from $39.4 million in Q3 2023.

• Restaurant segment Q3 revenue increased 0.8% year-over-year, with same-store sales up 5.4%.

• Insurance segment premiums written rose 11.5% year-over-year in Q3 2024.

Outlook and guidance

• Management notes continued volatility in investment partnership results and oil & gas pricing.

• No specific forward guidance provided, but management highlights ongoing focus on decentralized operations and capital allocation.