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Berkshire Hathaway Q2 profit $5 billion

Staff Writer |
Berkshire Hathaway reported an increase in profit for the second quarter, driven largely by strong operating earnings at insurance business and higher investment gains.

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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 stake in Apple.

The company's insurance underwriting business reported an operating earnings of $337 million compared to last year's loss of $38 million. Railroad, utilities and energy unit's operating earnings for the quarter dropped to $1.25 billion from $1.47 billion last year.

Berkshire Hathaway reported second quarter profit of $5 billion or $3,042 per share Class A share, up from $4.01 billion or $2,442 per Class A share last year.

Excluding items, operating earnings for the second quarter was $4.61 billion or $2,803 per share, up from $3.89 billion or $2,367 per share last year.

Total revenue for the second quarter rose to $54.46 billion from $51.37 billion in the same quarter last year.

Since the beginning of the year, Berkshire's equity has increased $7.5 billion and its book value per Class A equivalent share has increased by 2.9% to $160,009.

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