Berkshire Hathaway Profit Rises 44%
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Berkshire Hathaway Inc., the company controlled by billionaire investor Warren Buffett, said second-quarter profit rose 44% to $353 million, or $231 a share, buoyed by gains from non-insurance operations such as Benjamin Moore Paints and its Geico Corp. car insurance unit.
The results were below an analyst’s estimate of $290 a share, according to Thomson Financial/ First Call.
The Omaha-based company’s net income, including gains from selling investments, was up 21% to $773 million, or $506 a share.
Berkshire’s Class A shares fell $1050 to close at $68,800 on the NYSE, before the results were released.
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