Defending champion Golden Knights beat Stars 3-1 to take 2-0 series lead home to Vegas

DALLAS (AP) — Jack Eichel and defending Stanley Cup champion Vegas got exactly what they anticipated, and withstood that early hard push in Game 2 by the desperate Dallas Stars.

The Golden Knights didn’t settle for a split while starting the first-round series on the road.

“We expected them to come out and push hard that first five, 10 minutes and they did,” Eichel said. “We responded. We were able to come in here after the first period and it’s all tied. ... They gave us all we could handle.”

Eichel assisted on the tying goal by Jonathan Marchessault late in the first period before adding an empty-netter late, Noah Hanifin scored the tiebreaker with unassisted goal late in the second period and the Knights won 3-1 on Wednesday night for a 2-0 series lead.

Game 3 is Saturday night in Las Vegas.

“We’re in a good spot, but there’s still a lot of hockey left to be played,” Hanifin said. “We’re happy to get back into our building and have that momentum on our side. ... Just got to keep doing what we’re doing, chipping away at it and play our game.”

Hanifin was one of the three trade-deadline acquisitions for the Knights, the No. 8 seed in the Western Conference.

Marchessault’s second goal of the series was his franchise-record 36th in the postseason while appearing in all 90 of Vegas’ playoff games. Logan Thompson had 20 saves in his second career playoff start, though Dallas didn’t get a shot to him in the final 5:37 of the game.

In the Western Conference Final last May, the Knights were the top seed when winning the first three games against Dallas and eventually taking the series in six games.

After falling 4-3 in the opener of this first-round series, the Stars came out intent on setting a hard-hitting tone before the series shifted West.

Mason Marchment took defenseman Zach Whitecloud off his skates with a jarring hit behind the Vegas net only 2 1/2 minutes into the game. Knights captain Mark Stone ended up on the ice midway through the first period when it appeared that he was going to take a shot at Jason Robertson, who instead bowed up and delivered a body blow instead.

In the end, Dallas still couldn’t take down the Knights.

“Loved our first period. We make one mistake at the end of the first, probably deserved to be up. That was probably a critical point in the game,” Stars coach Pete DeBoer said. “Eichel, the wrong guy gets behind us at the wrong time. And that’s what they do, they make you pay. So you come out of the first after playing a great period and you have nothing to show for it.”

Hanifin’s go-ahead goal with 1:07 left in the second period came after defenseman Esa Lindell blocked two shots in a row.

Robertson put Dallas up 1-0 with his second goal of the series, on a power play with 3:13 left in the first period. His 10th career playoff goal was his eighth against Vegas.

After Eichel’s shot went in the empty net late, Robertson broke his stick when he slammed it against the post.

The goal by Robertson came soon after Marchment whiffed at a loose puck that had popped off Thompson’s glove, and another scramble in front of the goalie when Roope Hintz was denied twice.

The Knights got even with 1:51 left in the first period on a charge when Eichel made a move that Jake Oettinger bit on. The goalie slipped down and Marchessault had an open side of the net after getting a nifty pass.

“We settled in eventually. You don’t want want 1-0 to turn into 2-0, so we did a good job with that,” Vegas coach Bruce Cassidy said. “Go into the intermission 1-1, we haven’t been our best, but we got through it.”

Oettinger had 23 saves, including a sequence in the second period when he knocked away three successive shots by Shea Theodore.

After his first shot was blocked, Theodore gathered the loose puck and tried a backhander on which Oettinger made a sprawling save, lunging to knock away the puck with his extended glove. The Knights defenseman got the puck again, skated around a couple of Stars and his third shot went off the goalie who was still laying on the ice at the edge of the crease.

That was during a 4-on-4 period after a scuffle in front of Oettinger when his teammate Ryan Suter threw Anthony Mantha down and both got roughing penalties.

Thomas had a couple of close-range saves right after that.

AP NHL playoffs: https://apnews.com/hub/stanley-cup and https://apnews.com/hub/nhl

NHL linesman Trent Knorr (74) and players try to intervene as Dallas Stars defenseman Nils Lundkvist (5) and Vegas Golden Knights center Brett Howden (21) get tangled up during the second period in Game 2 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Dallas Stars defenseman Ryan Suter (20) and Vegas Golden Knights right wing Anthony Mantha (39) scuffle during the second period in Game 2 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Dallas Stars defenseman Ryan Suter (20) and Vegas Golden Knights right wing Anthony Mantha (39) exchange words after a scuffle during the second period in Game 2 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Vegas Golden Knights right wing Jonathan Marchessault (81) celebrates his first period goal in front of the Dallas Stars bench during Game 2 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Dallas Stars center Wyatt Johnston skates with the puck against the Vegas Golden Knights during the first period in Game 2 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Dallas Stars center Roope Hintz (24) chases the puck against the Vegas Golden Knights during the first period in Game 2 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Vegas Golden Knights right wing Jonathan Marchessault, right, celebrates his first period goal with goaltender Logan Thompson (36) during Game 2 of an NHL hockey Stanley Cup first-round playoff series against the Dallas Stars in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Dallas Stars players celebrate a first period power play goal by Jason Robertson, not visible, during Game 2 of an NHL hockey Stanley Cup first-round playoff series against the Vegas Golden Knights in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Dallas Stars left wing Jason Robertson (21) is tripped up by Vegas Golden Knights left wing William Carrier (28) during Game 2 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Vegas Golden Knights defenseman Noah Hanifin slaps a scoring shot against the Dallas Stars during the second period in Game 2 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

Vegas Golden Knights players surround Noah Hanifin after he scored against the Dallas Stars during the second period in Game 2 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)

OMAHA, Neb. (AP) — Warren Buffett's company reported a steep drop in earnings Saturday because the paper value of its investments fell, but the tens of thousands of shareholders filling an Omaha arena to hear Buffett answer questions at the annual meeting later can take heart that Berkshire's Hathaway's many businesses performed well.

Berkshire reported a $12.7 billion profit, or $8.825 per Class A share, in the quarter. That's roughly one-third of the $35.5 billion, or $24,377 per A share, that Berkshire reported a year ago.

But those figures were heavily swayed by a large drop in the paper value of Berkshire's investments. That's why Buffett encourages investors to pay more attention to the conglomerate's operating earnings that exclude the investment figures. By that measure, Berkshire's operating earnings jumped 39% to $11.222 billion from last year's $8.065 billion as its insurance companies led a strong performance.

The three analysts surveyed by FactSet Research had predicted operating earnings of $6,701.87 per Class A share.

Berkshire reported a $2.6 billion underwriting profit at its insurers, up from $911 million a year ago.

BNSF railroad's profits did disappoint and drop 8% to $1.143 billion, but most of its many other companies delivered solid results, including a 72% jump in operating profits at the utility unit that added $717 million to Berkshire's total.

Berkshire's revenue grew 5% to $89.87 billion in the quarter. The two analysts who reported estimates to FactSet predicted $87.044 billion revenue.

With no major acquisitions in sight, Berkshire's massive cash pile continued to grow to a record $188.993 billion in the quarter. Berkshire even spent $2.6 billion repurchasing shares during the first three months of the year, but its companies that include Geico insurance, BNSF railroad, several major utilities and an assortment of dozens of others keep generating mountains of cash.

The main arena was already three-quarters full within half an hour of the doors opening Saturday because people are always eager to gather tidbits of wisdom from billionaire Warren Buffett. But a key ingredient is missing this year: It’s the first meeting since Vice Chairman Charlie Munger died.

“He was the sriracha sauce in the Berkshire Hathaway meeting," said investor Bill Smead, a regular at the event for 14 years. "He gave it a lot of flavor.”

For decades, Munger shared the stage with Buffett every year for the marathon question and answer session that is the event's centerpiece. Munger routinely let Buffett take the lead with expansive responses that went on for several minutes. Then Munger himself would cut directly to the point. He is remembered for calling cryptocurrencies stupid, telling people to “marry the best person that will have you” and comparing many unproven internet businesses in 2000 to “turds.”

He and Buffett functioned as a classic comedy duo, with Buffett offering lengthy setups to Munger's witty one-liners. Together, they transformed Berkshire from a floundering textile mill into a massive conglomerate made up of a variety of interests, from insurance companies such as Geico to BNSF railroad to several major utilities and an assortment of other companies.

Munger often summed up the key Berkshire’s success as “trying to be consistently not stupid, instead of trying to be very intelligent.” He and Buffett also were known for sticking to businesses they understood well.

“Warren always did at least 80% of the talking. But Charlie was a great foil,” said Stansberry Research analyst Whitney Tilson, who was looking forward to his 27th consecutive meeting with a bit of a heavy heart because of Munger's absence.

That absence, however, may well create space for shareholders to get to know better the two executives who directly oversee Berkshire's companies: Ajit Jain, who manages the insurance units, and Greg Abel, who handles everything else. Abel will one day replace the 93-year-old Buffett as CEO.

Morningstar analyst Greggory Warren said he hopes Abel will speak up more this year and let shareholders see some of the brilliance Berkshire executives talk about. Ever since Munger let it slip at the annual meeting three years ago that Abel would be the successor, Buffett has repeatedly reassured investors that he's confident in the pick.

Experts say the company has a solid culture built on integrity, trust, independence and an impressive management roster ready to take over.

“Greg's a rock star,” said Chris Bloomstran, president of Semper Augustus Investments Group. "The bench is deep. He won’t have the same humor at the meeting. But I think we all come here to get a reminder every year to be rational.”

For more AP coverage of Warren Buffett look here: https://apnews.com/hub/warren-buffett. For Berkshire Hathaway news, see here: https://apnews.com/hub/berkshire-hathaway-inc. Follow Josh Funk online at https://www.twitter.com/funkwrite and https://www.linkedin.com/in/funkwrite.

Berkshire Hathaway Vice Chairman Greg Abel poses with shareholders Friday, May 3, 2024, in Omaha, Neb. Abel is set to be the next CEO after Warren Buffett is gone. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders watch a model BNSF train run past a model town filled with other Berkshire companies Friday, May 3, 2024, in Omaha, Neb. Buffett will spend hours answering questions at a meeting Saturday. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders line up to take selfies with Greg Abel Friday, May 3, 2024, in Omaha, Neb. Abel will one day replace Warren Buffett as CEO. (AP Photo/Josh Funk)

Berkshire Hathaway investment manager Ted Weschler, center, talks with Brooks Running CEO Dan Sheridan, Friday, May 3, 2024, in Omaha, Neb., one day ahead of the annual shareholders meeting. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders pose with a cutout poster of CEO Warren Buffett, Friday, May 3, 2024, in Omaha, Neb., one day ahead of the annual shareholders meeting. (AP Photo/Josh Funk)

Berkshire Hathaway Vice Chairman Greg Abel poses for pictures with shareholders while touring the booths Berkshires companies set up, Friday, May 3, 2024, in Omaha, Neb. Abel will succeed Warren Buffett as CEO one day. (AP Photo/Josh Funk)

Berkshire Hathaway Vice Chairman Greg Abel checks out the flight simulators offered by one of Berkshires companies, Flight Safety as he toured the exhibit hall Friday, May 3, 2024, in Omaha, Neb. ahead of Saturday's meeting. Abel is set to succeed Warren Buffett as CEO one day. (AP Photo/Josh Funk)