Buffett's firm says 3Q profit jump 72%
Agencies: OMAHA, Nebraska, Nov 03 2012, 12:39 IST
Warren Buffett's company says its third-quarter profit soared 72 percent because the value of its investments and derivative contracts improved significantly.
Berkshire Hathaway Inc. said Friday it generated $3.92 billion net income, or $1.58 per Class B share. That's up from $2.28 billion, or 92 cents per share, last year.
Berkshire's revenue grew to $41.05 billion from last year's $33.74 billion.
The three analysts surveyed by FactSet expected Berkshire to report earnings of $1.38 per Class B share on $39.04 billion revenue.
The biggest difference in the quarter was a major swing in the paper value of Berkshire's derivatives tied to equity markets.
Berkshire's investment gains and derivative losses combined to add $521 million to net income this year. In 2011, those things drained $1.53 billion from its third-quarter profit.
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