OMAHA, Neb. - Warren Buffett's company says fourth-quarter earnings rose 10 per cent to nearly $5 billion as its insurance, rail and energy businesses generated major profit gains.
Berkshire Hathaway's insurance companies, which include Geico and General Reinsurance, reported a $394 million operating profit for the final quarter of 2013, compared with a $19 million loss a year earlier. The Omaha, Neb., company also benefited from a surge in pretax earnings at its "Powerhouse Five," a group of non-insurance companies that include Burlington Northern Santa Fe railroad and electric utility MidAmerican Energy.
Net income rose to $4.99 billion on revenue of $47.05 billion from $4.55 billion on revenue of $44.72 billion in 2012. Operating earnings, which exclude investments and derivatives, grew to $3.78 billion, or $2,297 per Class A share.
The three analysts surveyed by FactSet expected operating earnings of $2,495.42 per Class A share.