Profits at Warren Buffett’s firm reach $36B as stocks surge and its insurance holdings perform well
Associated Press— Profits rebounded at Warren Buffett’s conglomerate along with the value of its $353 billion stock portfolio in the second quarter to hit $35.9 billion, and many of Berkshire Hathaway’s assorted businesses also performed well, led by strong results in its core insurance businesses, particularly Geico. Berkshire’s revenue jumped to $92.5 billion from last year’s $76.2 billion thanks largely to the addition of truck stop operator Pilot Travel Centers, which generated $14.75 billion in revenue during the quarter. The number of policies Geico wrote also fell by 14% Profits fell at Berkshire’s BNSF railroad to $1.26 billion from last year’s $1.66 billion as it carried 11% fewer shipments in the quarter, suggesting the economy continued to slow. Rising interest rates also hurt Berkshire’s housing-related businesses such as manufactured home building Clayton Homes and its Berkshire Hathaway Home Services network of Realtors.