Buffett's company quadruples profit in the third quarter through investment gains

Buffett's company quadruples profit in the third quarter through investment gains

OMAHA, Neb. – Warren Buffett's business more than quadrupled its profit in the third quarter, as its investments made significant gains in its securities, although the insurance and rail business also improved.

Berkshire Hathaway Inc. announced on Saturday that it is earning $ 18.54 billion or $ 7.52 per Class B share. This is an increase of $ 2.47 billion, or $ 1.65 per B share in the previous year, as multiple hurricane insurance losses impacted results.

According to Buffett, Berkshire's operating profits provide a better view of the quarterly performance as they exclude investments and derivatives that can be very different.

As a result, Berkshire's operating income was $ 6.88 billion, or approximately $ 2.79 per Class B share. That's an increase of $ 3.44 billion, or around $ 1.40 per B share.

Berkshire revenue increased to $ 63.45 billion for the quarter from $ 59.5 billion a year ago.

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