OMAHA, Neb. (AP) — Second-quarter profits at Warren Buffett's Berkshire Hathaway Inc. fell 9 percent because of bigger paper losses on derivatives the company sold.
Berkshire said Friday that it generated $3.1 billion net income, or $1.25 per Class B share. That's down from last year's second quarter net income of $3.4 billion, or $1.38 per Class B share. And last year's quarter was helped by a one-time $1.25 billion gain.
The results topped the $1.19 per share Wall Street was expecting.
Berkshire's revenue grew slightly to $38.5 billion from $38.3 billion. Profits improved in Berkshire's insurance units. And business improved at Berkshire's utility, railroad, manufacturing and retail businesses.
Without the derivative losses and investment gains, Berkshire reported a 37 percent increase in its operating profit.
