OMAHA, Neb. (AP) — Warren Buffett's company reported a 29 percent jump in third-quarter profit as it collected some of the proceeds from deals made during the financial crisis.
Berkshire Hathaway earned $5.05 billion, or $3,074 per Class A share, during the quarter. That's up from $3.92 billion, or $2,373 per Class A share, in the same period last year.
Berkshire's revenue grew 13 percent to $46.5 billion.
The biggest factor in the results was a $1.2 billion investment gain Berkshire recorded as it prepared to redeem warrants in General Electric and Goldman Sachs for stock. Mars and Wrigley also repaid Berkshire this fall for a crisis-era investment.
Berkshire said Mars and Wrigley repaid $5.08 billion plus interest on Oct. 1 for money it loaned Mars to help it acquire Wrigley.
Berkshire's operating companies, which include major insurers like Geico, big utilities like MidAmerican Energy and an eclectic mix of manufacturing, retail and service businesses, generally performed well in the quarter.
"Their core businesses, excluding insurance, were actually much better than I expected," Edward Jones analyst Tom Lewandowski said.
The BNSF railroad contributed $989 million to Berkshire's quarterly profit as it hauled 4 percent more carloads of freight and increased prices 1 percent. That's up from $937 million last year.
Berkshire Hathaway officials do not generally comment on quarterly results, and no one was available Friday to comment on the report.
Andy Kilpatrick, who wrote "Of Permanent Value, the Story of Warren Buffett," said Berkshire is on track for all solid year with so many of its subsidiaries growing steadily.