Thursday, August 7, 2014

Warren Buffet Berkshire Posts Record Quarterly Profit

Warren Buffett, left, chairman of Berkshire Hathaway Inc., chats with other guests at the Allen & Company Sun Valley Conference in Idaho in July. Getty Images
Warren Buffett's Berkshire Hathaway Inc. posted a record quarterly profit, a 41% jump tied to gains at its railroad, energy and other businesses as the U.S. economy continued its recovery.
Berkshire reported a profit of $6.4 billion, or $3,889 a Class A share, compared with $4.54 billion, or $2,763 a share, in the year-earlier period. Revenue rose 11% to $49.76 billion, from $44.69 billion.
Berkshire, a conglomerate with more than 70 operating subsidiaries including insurance, manufacturing, construction and retail businesses, benefits from improvements in consumer spending, employment and rebounds in the housing market. It also owns a large portfolio of securities.
At its core is an insurance business, which includes Geico Corp. and reinsurer General Re, that brings in billions of dollars from premiums paid by customers.

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