OMAHA, Neb. – Berkshire Hathaway Inc., the company led by Warren Buffett, said Friday that its second-quarter profit jumped 25 per cent 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 per cent to $54.46 billion in the period.
Revenue at its insurance business rose 10 per cent. Revenue rose 6 per cent at its financial products business, which includes mobile home maker and financing provider Clayton Homes. Revenue fell 10 per cent 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 on Friday. Its shares have risen 10 per cent 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.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BRK.A at http://www.zacks.com/ap/BRK.A
Keywords: Berkshire Hathaway, Earnings Report, Priority Earnings