Warren Buffett's Berkshire Hathaway announced late today (Wednesday) that it will release first quarter financial results on Friday, May 8 and implied we should have known all along that would be the date.
In a news release on the company's web site, Berkshire said it has "consistently" released quarterly financial statements "on a Friday afternoon within 40 days following the end of the calendar quarter... Depending on how the calendar falls this can be the first or second Friday of the second month following the quarter end." The SEC gives companies 40 days to file their Form 10-Q.
While the release does not explicitly say Berkshire releases earnings on the lastFriday that falls within the 40 day period, that appears to be the rule. (Mark your calendars for next time!)
This year, that puts the Q1 report on the second Friday of May, rather than the first.
In its news release, Berkshire says there "has been some misreporting regarding the timing" of its Q1 release and notes that it "was never scheduled to release earnings this week."
In the past three years, the release has fallen on the Friday before the company's annual shareholders meeting, leading some to believe that it would happen again this year.
This morning, we relayed an AP report that the earnings would not be out this week and that no release date had yet been set.
Reuters initially went a bit further, with a headline of Berkshire Hathaway Delays Resultsand a quote from surprised Morningstar analyst Bill Bergman: "It is always on the eve of the meeting." It has since posted another version of the story saying Berkshire will not report earnings Friday "as expected."