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Profit at Warren Buffett’s Berkshire Hathaway rises 17%

Warren Buffett appoints two new vice chairs of Berkshire Hathaway
Posted at 1:05 PM, Aug 03, 2019

NEW YORK (AP) — Berkshire Hathaway, the conglomerate controlled by billionaire Warren Buffett, said Saturday that its second-quarter profit rose 17% as its gains from its investments rose.

Berkshire owns several companies, including battery maker Duracell and underwear seller Fruit of the Loom. It also has major investments in well-known corporations, including soda company Coca-Cola Co. and iPhone maker Apple Inc.

Omaha, Nebraska-based Berkshire said it had net income of $14 billion, or $8,608 per Class A share, in the April to June quarter. That’s up from $12 billion, or $7,301 per Class A share, in the same quarter a year ago.

Buffett has said Berkshire’s operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely. By that measure, its earnings fell 11% to $6.1 billion.

Total revenue rose 2% to $63.6 billion.

Berkshire said its second-quarter results excludes earnings from its 26.7% stake in cheese and ketchup company Kraft Heinz, because the statements were not yet made available to Berkshire. It plans to record those earnings at a later time.

The company also said it was sitting on more than $122 billion in cash, up from more than $114 billion at the end of March.