NewsBerkshire Hathaway 3Q profits soar
11/04/06 - newratings.com
NEW YORK, November 4 (newratings.com) – Berkshire Hathaway Inc (BRH) Friday announced a fivefold increase in its quarterly income, aided by the recovery in its insurance operations.
The Omaha, Nebraska-based insurance and investment company said its its net income in the three months ended September 30 rose to $2.77 billion, or $1,797 per Class A share, from $586 million, or $381 per Class A share, in the year-ago quarter. Excluding investment gains, Berkshire Hathaway would have earned $2.6 billion, or $1,687 per share, in the third quarter, beating the average expectations of the Wall Street analysts. Berkshire Hathaway's revenues climbed 24% to $25.36 billion, boosted by recent acquisitions and an improved performance of the company's Geico Corp auto insurance and General Re reinsurance units. The company's results for the quarter were also helped by the absence of any major catastrophes, which had resulted losses of $3.4 billion in the same period last year.