The results beat analyst forecasts, with operating profit for the second quarter at US$6.89bn from US$4.12bn a year earlier. (NYSE:BRK.A, ) released news on Saturday showing a 67% boost in quarterly operating profit, thanks to a rebound in insurance underwriting and strength in a number of other businesses. The conglomerate, run by Warren Buffett, reported that its operating profit for the second quarter rose to US$6.89bn, or US$4,190 per Class A share, from US$4.12bn, or US$2,505 per share, a year earlier. The results beat analyst forecasts. While net income nearly tripled, the Omaha, Nebraska-based company said that much of this reflected a new accounting rule that requires the company to report unrealized gains on its stock investments with earnings. The company stated that this rule can "be misleading to investors" and can distort results. Those changes added a $4.5bn gain in the quarter, helping to almost triple net income. Net income rose to US$12.01bn, or US$7,301 per Class A share, from $4.26bn, or $2,592 per share, a year earlier. Buffett has called Berkshire’s insurance businesses, which range from auto insurer GEICO to reinsurer Gen Re, an engine that has powered Berkshire growth. Class A shares of closed Friday at US$304,671, while Class B shares closed at US$200.24.
Berkshire Hathaway, run by Warren Buffet, saw Q2 operating profits rise by 67%, from 12.01bn6.89bn. The conglomerate suggested that its insurance underwriting arm, consisting of Auto Insurer GEICO and reinsurer Gen Re, was behind the uptick. Net income nearly tripled to $$4.17bn to $.