The Sage of Omaha’s business topped expectations with the company’s operating earnings per class A share of $2,634 , above Wall Street’s predictions of $2,490.
Berkshire Hathaway was boosted by the gains made in Buffett’s train and railroad investments as operating earnings grew from $4.6bn to $5.2bn in the first six months of the year.
However, Berkshire’s insurance operations reported a $411m underwriting profit, down from $530m the previous year, as its insurance business Gen Re was hit by floods in Europe.
The octogenarian’s investment in Heinz stood at $12bn, just lower than the $12.1bn recorded at the end of December.
Berkshire also had a $2.06bn gain on derivatives and investments, boosted by a share-and-asset swap with Graham Holdings, the listed family vehicle that stunned observers by agreeing to sell The Washington Post newspaper to Jeff Bezos, the founder of web retail giant Amazon founder Jeff Bezos last year.
Unlike most British companies suffering from a strong pound, Berkshire Hathaway recorded a slimmer effect from foreign currency rate changes at $21m, compared to $40m the previous year.
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