Berkshire Hathaway Q1 profit up, operating income down
However, the company's operating profit dropped hurt by derivative losses and lower railroad revenues.
Berkshire is a holding company with a number of operating subsidiaries like auto insurer Geico, reinsurer General Re, railroad BNSF, lubricant maker Lubrizol, energy utilities and a host of other manufacturing and retail companies.
Berkshire also holds significant minority stakes in top notch companies like American Express, The Coca-Cola Co., Wells Fargo & Co. and IBM.
Omaha, Nebraska-based Berkshire's first-quarter profit rose to $5.59 billion or $3,401 per class A share, compared to $5.16 billion or $3,143 per Class A share for the year-ago quarter.
Excluding items, operating earnings for the quarter fell to $3.74 billion or $2,274 per Class A share from $4.24 billion or $3,143 per Class A share in the prior year quarter.
Total revenue for the quarter grew to $52.40 billion from $48.64 billion in the same quarter last year ■