With travel stop operator Pilot Travel Centers now 80% owned by Berkshire Hathaway, the conglomerate’s first earnings report since Berkshire took its ownership up to that level is providing a more complete look at Pilot’s finances.
Pilot had been privately owned but with a 38.6% interest held by Berkshire Hathaway, acquired in 2017. The sale of the additional shares bringing Berkshire up to 80% was finalized earlier this year, though it had been agreed upon previously. The founding Haslam family owns the remaining 20% of Pilot.
The new ownership benchmark results in more detailed financial data being reported as part of Berkshire Hathaway’s quarterly earnings report.
Among the key points in the report, which did not discuss Pilot’s business in detail:
Revenues for the second quarter at Pilot were $14.8 billion, down from $21.5 billion in the corresponding period of 2022. For the first six months of the year, revenues at Pilot were $29.3 billion, compared to $36 billion a year earlier.
Pretax earnings were $186 million in the second quarter, compared to $241 million last year. For the first six months, pretax earnings were $411 million compared to $542 million a year ago. Earnings before income taxes at Pilot were $186 million in the second quarter and $322 million for the first six months. Corresponding figures for 2022 were not provided.
Net earnings attributable to Berkshire Hathaway shareholders were $114 million in the second quarter. The company did not provide a prior-year comparison, and the data for the first half of the year is only for five months, dating back to when Pilot increased its share to 80%. That figure shows net earnings of $197 million.
Pilot’s sales for the first six months of 2023 were approximately 9.25 billion gallons of all fuels, which include diesel, gasoline and “other fuel-related products.” No corresponding figure for 2022 was disclosed.
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