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Berkshire Hathaway Q2 net earnings $6.4 billion

Staff writer |
Berkshire Hathaway reported an increase in second-quarter profit, aided by investment gains as well as earnings from its railroad, utilities, manufacturing and retail businesses.

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For the second quarter, Omaha, Nebraska-based Berkshire posted quarterly net earnings to shareholders of $6.4 billion or $3,889 a share, compared with $4.5 billion or $2,763 a share last year.

Results for the quarter included net investment and derivative gains of $1.3 billion, compared with gains of $379 million a year ago. Excluding items, operating earnings for the quarter were $4.3 billion or $2,634 a share, compared with $3.9 billion or $2,384 a share last year.

Revenue for the quarter climbed to $49.8 billion from $44.7 billion last year.

Earnings from the company's insurance underwriting businesses continued to be weak during the quarter, dropping to $411 million from $530 million last year.

Results were helped by contributions from other businesses. Earnings from railroad business climbed to $916 million from $884 million last year; utilities and energy businesses rose to $375 million from $279 million; manufacturing, service and retailing increased to $1.26 billion from $978 million; and finance and financial products climbed to $280 million from $231 million.

Since the beginning of the year, Berkshire's book value per Class A equivalent share has increased by 5.6 percent to $142,483.


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