Mon, Mar 3, 11:13 AM (55 days ago)
**Summary of Biglari Holdings Inc. (BH) 2024 Financial Performance** For the fiscal year ended December 31, 2024, Biglari Holdings Inc. reported a total revenue of $362,114, a slight decline from $365,318 in 2023. The company experienced a net loss of $3,759, contrasting with a net income of $54,948 in the previous year. Key operational segments included restaurant operations, which generated $251,447 in revenue, and insurance operations, contributing $72,693. The oil and gas segment saw revenue decrease to $36,945 from $45,071, primarily due to lower commodity prices and production adjustments. Operating expenses rose to $329,545, influenced by increased costs in food and labor, particularly in restaurant operations. Earnings before income taxes were negative at $(8,154), reflecting challenges in investment partnership gains, which reported losses of $(41,058). The company's financial condition remains stable with total assets of $866,133 and shareholders’ equity of $572,961. However, a material weakness in internal controls was identified, prompting ongoing remediation efforts. The company continues to strategically manage its diverse portfolio, focusing on improving profitability across its segments while navigating competitive pressures and economic conditions.