Berkshire Hathaway beats on earnings by $48 a share

Berkshire Hathaway reported third-quarter earnings above analysts’ estimates on Friday afternoon.

The conglomerate headed by Warren Buffett said its operating earnings per share came in at $US2,769, against expectations for $US2,721, according to Bloomberg.

The company said its net income doubled to a record $US9.43 billion on its Kraft Heinz holding.

Berkshire Hathaway, along with investment firm 3G, bought the ketchup maker for $US28 billion in 2013. And in March, the two firms were behind Heinz’s acquisition of Kraft Foods.

More recently, this summer, Berkshire bought Precision Castparts, a maker of metal components for aircraft and industrial gas turbines, in a $US37.2 billion deal.

Berkshire shares are down 10% year-to-date.

NOW WATCH: How to invest like Warren Buffett

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.