Buffett's Berkshire Hathaway posts record quarterly profit
Company's operating income jumps 20%
Conglomerate benefits from strong insurance and manufacturing businesses
Berkshire Hathaway Inc., the conglomerate led by billionaire investor Warren Buffett, reported a record quarterly profit on Saturday, driven by strong performances from its insurance and manufacturing businesses.
The company's net income for the first quarter ended March 31 rose 20% to $11.7 billion, or $7,638 per Class A share, from $9.8 billion, or $6,444 per Class A share, a year earlier.
Berkshire Hathaway's operating income, which excludes investment gains and losses, jumped 20% to $7.04 billion.
The company's insurance businesses, which include Geico and Berkshire Hathaway Reinsurance Group, reported a combined underwriting profit of $2.08 billion, up from $1.71 billion a year earlier.
Berkshire Hathaway's manufacturing businesses, which include Precision Castparts Corp. and Marmon Group, reported a combined operating profit of $2.34 billion, up from $1.93 billion a year earlier.
Buffett, 91, has built Berkshire Hathaway into one of the world's most successful companies by acquiring a diverse range of businesses, including insurance, manufacturing, energy, and railroads.
Conclusion
Berkshire Hathaway's strong quarterly results are a testament to Buffett's investment prowess and the strength of the company's diverse businesses. The company's ability to consistently generate profits in a variety of economic conditions is a testament to Buffett's long-term investment philosophy and the quality of the companies he has acquired.
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