Berkshire Hathaway second-quarter profit jumps to $6.4B; revenue up

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Billionaire investor Warren Buffett’s Berkshire Hathaway reported on Friday posted a significant rise in second-quarter profit, boosted by investment gains and earnings from its retail, manufacturing, utilities and railroad operations.

Second-quarter net earnings attributable to shareholders was $6.4bn, or $3,889 per share, compared with $4.5bn, or $2,763 per share, a year ago.

Friday’s results included net investment and derivative gains of $1.3bn, compared with $379mn gains from the previous year.

Stripping out special items, operating earnings for the quarter stood at $4.3bn, or $2,634 per share, compared with $3.9bn, or $2,384 per share, in the prior year.

Revenue for the quarter increased to $49.8bn from last year’s $44.7bn, according to the Omaha, Nebraska-based company.

Profit from the Berkshire’s insurance underwriting operations stayed weak during the period, falling to $411mn from $530mn in 2013.

Article © AHN – All Rights Reserved
About the Author

Leave a Reply