Berkshire Hathaway reported a 15% jump in profits Saturday alongside Chairman Warren Buffett’s famed annual letter.
During the fourth quarter, net income rose to $US6.29 billion, or $US3,823 a share, from $US5.48 billion, or $US3,333, in the prior year. Operating earnings, excluding some investment outcomes, were $US2,665 a share. Analysts had estimated an average of $US2,717, according to Bloomberg.
Berkshire’s profits rose as Buffett’s many investments in subsidiaries including Geico continued to pay off.
The most recent 13-F filing from Berkshire showed that the company continued to buy airline stocks even after calling the sector a “death trap for investors” during his 2013 annual shareholder meeting. The firm more than doubled its holding in Apple.
Berkshire’s Class A shares have gained 29% in the past year to $255,040.00 a piece.