Berkshire beats on operating profits but derivative losses drag bottom line
Berkshire Hathaway beat Wall Street forecasts as it booked $3.72bn of operating earnings for the second quarter that were up from $2.70bn in the prior-year period.
At $2,252 per Class A share, operating earnings were up from $1,640 per Class A share, and well ahead of analysts' consensus of $1,777 a share on strong underwriting profits, higher insurance investment income and contributions from its non-insurance business.
But net profits were down from $3.42bn to $3.11bn for the quarter as the...
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