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Berkshire Hathaway reported an operating gain of 48.7% compared to the first quarter last year.
The announcement came Saturday, during the company's annual meeting in Omaha, Nebraska.
OMAHA - Neb - Reuters - Berkshire - Hathaway
OMAHA, Neb. (Reuters) - Berkshire Hathaway Inc on Saturday ended its more than year-long stretch of falling operating profit, while a new accounting rule caused the conglomerate chaired by Warren Buffett to suffer an overall net loss.
The results were released on the same day Berkshire is holding its annual meeting in Omaha, Nebraska, where Buffett, 87, and Vice Chairman Charlie Munger, 94, will answer five hours of questions from shareholders, journalists and analysts.
Operating - Profit - Investment - Gains - Losses
Operating profit, which excludes investment and derivative gains and losses, rose 49 percent to $5.29 billion, or about $3,215 per Class A share, from $3.56 billion, or $2,163 per share, a year earlier, Berkshire said.
The net loss was $1.14 billion, or $692 per share, compared with net income of $4.06 billion, or $2,469 per share, a year earlier.
Analysts - Average - Operating - Profit - Class
Analysts, on average, expected operating profit of about $3,116 per Class A share, according to Thomson Reuters I/B/E/S.
Operating profit from Berkshire's more than 90 businesses had fallen for...
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