NetJets drove much of the $1.2 billion increase in revenues in the first half of 2023 at Berkshire Hathaway’s services group, the parent company said this week. Revenues from aviation services, which also include income at FlightSafety International, soared 8.2 percent in the second quarter and 13.2 percent in the first half of the year versus comparable periods in 2022, according to Berkshire.
These higher revenues were “primarily due to increases in the number of aircraft in shared aircraft ownership programs and in-flight hours across NetJets’ various programs, as well as higher average rates,” Berkshire said. Overall, the services group—which also includes electronics-components distributor TTI, Cort Furniture, and Dairy Queen—reported $10.5 billion in revenues in the first six months of the year.
First-half pretax earnings at the services group also climbed by $181 million from a year ago, to $1.66 billion. This jump was mostly “attributable to higher overall margin rates in aviation services businesses, primarily due to a 17 percent year-to-date increase in average aircraft in the NetJets programs,” the parent company noted.