Berkshire Hathaway (BRK-a) Q2 Profits Fall 40%
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Financial Fact:
Total costs and expenses: 36.57B
Today's EPS Names:
ATU, CRWS, CLC, More
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Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) announced Friday that its second-quarter profit fell 40 percent, due to declining stock prices caused $1.4 million in losses on derivative contracts for the company.
The investment firm that has its hand in a number of industries reported second-quarter earnings of $1.97 billion or $1,195 per share of the Class A stock, compared to $3.3 billion or $2,123 per share in the same quarter last year.
Revenue for Berkshire grew 7 percent in the three month period ended June to $31.7 billion.
The company added that its operating profit, which Buffett maintains is a much better indicator of how it is performing, soared 73 percent in the period, helped by the takeover of railroad company Burlington Northern Santa Fe Corp. Berkshire earnings jumped to $3.1 billion or $1,866 per share, up from $1.8 billion or $1,147 per share.
As usual, executives including Buffett did not comment on the quarterly earnings report, but the company said that "We are hopeful that recent economic improvements will continue over the remainder of 2010 and beyond."
The acquisition of Burlington added $603 million in its first full quarter as a part of Buffett's Omaha, Nebraska-based company as shipping increased for industrial, agricultural and consumer products. Berkshire added that its insurance unit showed increased underwriting profit to $462 million, up from $66 million.
Shares of Berkshire's new common stock are down 10 cents to $80.37 in midday market movement Monday.
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The investment firm that has its hand in a number of industries reported second-quarter earnings of $1.97 billion or $1,195 per share of the Class A stock, compared to $3.3 billion or $2,123 per share in the same quarter last year.
Revenue for Berkshire grew 7 percent in the three month period ended June to $31.7 billion.
The company added that its operating profit, which Buffett maintains is a much better indicator of how it is performing, soared 73 percent in the period, helped by the takeover of railroad company Burlington Northern Santa Fe Corp. Berkshire earnings jumped to $3.1 billion or $1,866 per share, up from $1.8 billion or $1,147 per share.
As usual, executives including Buffett did not comment on the quarterly earnings report, but the company said that "We are hopeful that recent economic improvements will continue over the remainder of 2010 and beyond."
The acquisition of Burlington added $603 million in its first full quarter as a part of Buffett's Omaha, Nebraska-based company as shipping increased for industrial, agricultural and consumer products. Berkshire added that its insurance unit showed increased underwriting profit to $462 million, up from $66 million.
Shares of Berkshire's new common stock are down 10 cents to $80.37 in midday market movement Monday.
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