Berkshire Hathaway’s profit triples
Published: November 07, 2009, 12:30 am
Story tools:
Share this story:
OMAHA, Neb. (AP) — Warren Buffett’s company says its third-quarter profit tripled as the improving economy and stock market boosted the value of Berkshire Hathaway Inc.’s derivative contracts.
Berkshire said Friday it generated $3.2 billion, or $2,087 per share, in net income. That’s up significantly from last year’s $1.1 billion, or $682 per share.
Most of the swing in earnings is related to unrealized gains in the value of Berkshire’s derivatives, some of which are tied to credit defaults and some of which are tied to equity markets.
Berkshire’s insurance companies performed well, but its other operating companies struggled.
Berkshire owns more than 60 subsidiaries, and it has major investments in such companies as Coca-Cola Co. and Wells Fargo & Co. Berkshire also owns The Buffalo News.
Newsletters
Sign up now for daily and weekly newsletters from BuffaloNews.com and get quick links to the info you want delivered directly to your inbox.Reader comments
Log into MyBuffalo to post a comment
MyBuffalo is the new social network from Buffalo.com. Your MyBuffalo account lets you comment on and rate stories at buffalonews.com. You can also head over to mybuffalo.com to share your blog posts, stories, photos, and videos with the community. Join now or learn more.
Comments have been disabled.
Due to a high volume of submissions that violate The News’ guidelines, commenting is no longer available on this story. If you’d like to share your thoughts on this story, click here to get information on contributing to The News’ opinion pages.