Berkshire Hathaway profit jumps 25 percent

OMAHA, Neb. (AP) - Berkshire Hathaway Inc., the company led by Warren Buffett, said last Friday that its second-quarter profit jumped 25 percent from a year ago as revenue from its insurance and financial products businesses grew.

The conglomerate reported net income of $5 billion, or $3,042 per Class A share, in the quarter, compared with $4 billion, or $2,442, per Class A share, in the same quarter a year before. Earnings, adjusted for investment gains, came to $2,803 per share.

Total revenue rose 6 percent to $54.46 billion in the period.

Revenue at its insurance business rose 10 percent. Revenue rose 6 percent at its financial products business, which includes mobile home maker and financing provider Clayton Homes. Revenue fell 10 percent at its railroad, utilities and energy businesses, which include BNSF Railway and Berkshire Hathaway Energy.

Class A shares of The Omaha, Nebraska-based company closed at $218,010 last Friday. Its shares have risen 10 percent since the beginning of the year.

Berkshire owns more than 90 subsidiaries, including clothing, furniture and jewelry firms. It also has major investments in such companies as Coca-Cola Co. and Wells Fargo & Co.


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Published: Tue, Aug 09, 2016