Warren Buffett says Berkshire Hathaway preliminary Q1 operating profit falls

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Omaha | April 30, 2016 9:00 PM

Warren Buffett on Saturday said preliminary first-quarter profit at his Berkshire Hathaway Inc fell about 12 percent, hurt by weaker performance in its railroad and insurance operations.

warren buffettWarren Buffett said insurance underwriting suffered from hailstorm claims. Railroads have been hurt by declining oil shipments. (Reuters)

Warren Buffett on Saturday said preliminary first-quarter profit at his Berkshire Hathaway Inc  fell about 12 percent, hurt by weaker performance in its railroad and insurance operations.

Quarterly operating profit for the Omaha, Nebraska-based insurance and investment conglomerate probably fell to $3.73 billion from $4.24 billion.

Net income probably rose to $5.59 billion from $5.16 billion, helped by a gain from the swap of Procter & Gamble Co  stock for the Duracell battery business.

Warren Buffett said insurance underwriting suffered from hailstorm claims. Railroads have been hurt by declining oil shipments.

Buffett disclosed the results at Berkshire’s annual meeting. Final results are due on May 6.

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