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Biglari Holdings Inc. (BH-1.23%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $90,407,000 compared to $90,937,000 in the same quarter the previous year. The slight decline in revenue is attributed to lower sales in the oil and gas segment.
The company reported a net earnings of $32,125,000 for the quarter, compared to a net loss of $56,514,000 in the previous year, primarily due to gains from investment partnerships.
Restaurant operations generated $62,384,000 in revenue, with a cost of sales at $36,212,000, reflecting a cost ratio of 58%. Franchise partner fees decreased slightly to $17,157,000.
Insurance operations reported premiums earned of $16,675,000, with an underwriting gain of $2,278,000. The decrease in underwriting gain compared to the previous year is due to higher insurance losses.
Oil and gas revenues were $9,574,000, down from $12,159,000 in the previous year. The decrease is attributed to lower natural gas prices and reduced production.
Investment gains for the quarter were $4,740,000, compared to losses of $4,715,000 in the same quarter last year. Investment partnership gains were $35,314,000, compared to losses of $89,599,000 in the previous year.
Cash provided by operating activities was $31,665,000, while cash used in investing and financing activities was $34,916,000 and $4,869,000, respectively.
Biglari Holdings had total assets of $865,116,000 as of September 30, 2024, with a working capital of $165,219,000.
The filing also details a line of credit amendment increasing available credit to $35,000, with a balance of $9,000 as of September 30, 2024.
Biglari Holdings continues to focus on its diverse business activities, including restaurants, insurance, and oil and gas, while managing investment partnerships and financial assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biglari Holdings Inc. Class B quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.