Sat August 3, 2013
Berkshire Hathaway's 2Q profit jumps 46 percent
OMAHA, Neb. (AP) — Berkshire Hathaway Incorporated's second-quarter profit jumped 46 percent as Warren Buffett's company reported big paper gains on the value of its investments and derivative contracts.
On Friday, Omaha-based Berkshire reported net income of $4.54 billion, or $2,763 per Class A share. That's up from $3.1 billion, or $1,882 per Class A share, last year.
The biggest factor behind the big swing in earnings was the estimated value of Berkshire's investments and derivatives. This year, those were worth $622 million. Last year, Berkshire recorded a $612 million paper loss on those.
Berkshire's revenue grew 16 percent to $44.69 billion as its more than 80 subsidiaries generally performed well.
The three analysts surveyed by FactSet expected Berkshire to report earnings per Class A share of $2,163.63.
Copyright 2013 The Associated Press