Berkshire 3Q net income up 64 percent |
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Fri, 02 Nov 2007 22:17
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OMAHA, Neb. (AP) - Berkshire Hathaway Inc. reported a 64 percent jump in third-quarter profit Friday on strong investment gains.Berkshire said it earned $4.55 billion, or $2,942 per share, during the quarter that ended Sept. 30. That's up from last year's third-quarter net income of $2.77 billion, or $1,797 per share.Officials at Berkshire, which is led by billionaire Warren Buffett, typically do not comment on quarterly earnings reports. They did not immediately return calls seeking comment Friday.The three analysts polled by Thomson Financial expected earnings per share of $1,509.33 on average.The results were announced after the close of regular market trading on Friday. Berkshire shares ended the day up $1,250 at $132,500.Berkshire reported $29.94 billion in revenue during the quarter, up 18 percent from the $25.36 billion during the year-earlier period.Berkshire owns more than 60 subsidiaries that range from insurance to clothing, furniture, and candy companies, restaurants, natural gas and corporate jet firms. Berkshire also has major investments in such companies as Coca-Cola Co., Anheuser-Busch Cos. and Wells Fargo & Co.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Berskhire cuts railroad investments 