Biglari Holdings Q2 pre-tax operating earnings fall 81% to $3.7M; net profit of $50.9M vs loss

Biglari Holdings Inc.

Pre-tax operating earnings of $3.7M in Q2, down from $19.7M a year ago; H1 total $13.7M vs $25.4M.
Net earnings of $50.9M (Q2) and $17.7M (H1) driven by investment gains of $61.4M and $10.3M.
Steak n Shake same-store sales rose 10.7% for both company and franchise restaurants in Q2.
Management urges focus on operating earnings, not investment fluctuations, which are deemed not meaningful.

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