Business
6:29 am
Sat August 2, 2014

Berkshire Hathaway 2Q profit jumps 41 percent

OMAHA, Neb. (AP) — Warren Buffett's company on Friday reported a 41 percent jump in its second-quarter profit that was boosted by a paper gain from a stock-swap deal completed earlier this year.

But even without the big investment gains, Berkshire Hathaway Incorporated reported solid performances at most of its 80-odd subsidiaries, which include BNSF railroad and Geico insurance.

Berkshire said its overall net income grew to $6.4 billion, or $3,889 per Class A share. That's up from $4.54 billion, or $2,763 per Class A share, in the same quarter a year ago.

Berkshire's revenue improved 11 percent to $49.76 billion from last year's $44.69 billion.

Berkshire agreed earlier this year to acquire a Miami-based TV station from Graham Holdings Company in exchange for most of its shares in the company that once owned The Washington Post. As part of that deal, Berkshire and Graham Holdings exchanged assets worth roughly $1.1 billion.

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