Berkshire Reported Third Quarter Record Profit Pushed by Gains from Kraft Heinz
Berkshire Hathaway Inc. reported quarterly profits that almost doubled to touch record high. This mirrors big gains on its stake that the company has in Kraft Heinz Co. Operating profits dropped due to feebler results from insurance underwriting.
The net income in the third-quarter increased to $9.43 billion or $5,737 a Class A share compared to last year's $4.62 billion or $2,811 a share. The growth in the net income was mainly pushed by a huge gain of $5.4 billion on its investments which are also majorly connected to a $4.4 billion gain from its Kraft Heinz holdings.
There was a four percent drop in the operating profit to $4.55 billion or $2,769 a share which was $4.72 billion or $2,876 a share in the last year. Reportedly, the analysts expected an average operating profit of $2,720.60 a share.
Berkshire, the conglomerate headed by Warren Buffett, 85, has operating businesses that number close to ninety which includes the General Re reinsurer, NetJets business jets and Dairy Queen ice cream and Lubrizol chemicals.
Among the big businesses of Omaha, Nebraska based Berkshire, profits dropped thirty four percent to $414 million. It grew twelve percent at the BNSF railroad to $1.16 billion. At Berkshire Hathaway Energy it dropped thirteen percent to $786 million.
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