OMAHA, Neb. (AP) — Warren Buffett’s company says its fourth-quarter profit improved 10 percent as its insurance companies improved.
Berkshire Hathaway Inc.’s fourth-quarter results and Buffett’s annual letter to shareholders were released Saturday.
Berkshire reported fourth-quarter net income of $4.99 billion, or $3,035 per Class A share, on revenue of $47 billion. That’s up from $4.55 billion, or $2,757 per Class A share, on revenue of $44.72 billion last year.
Berkshire’s insurance companies, which include Geico and General Reinsurance, reported a $394 million operating profit in the fourth quarter, compared to last year’s $19 million loss.
Berkshire’s operating earnings, which exclude investments and derivatives, grew to $3.78 billion, or $2,297 per Class A share.
The three analysts surveyed by financial data company FactSet expected quarterly operating earnings of $2,495.42 per Class A share.