Economy

Berkshire Hathaway profit surges as economy gives Buffett a boost

warren buffettDennis Van Tine/AP

Berkshire Hathaway reported a 67% jump in second-quarter profit, boosted by a growing economy.
Underwriting profit at the Geico auto insurance unit more than quintupled.
Berkshire ended June with $111.1 billion of cash and equivalents, some of which Buffett could use to repurchase stock under a new policy giving him and Munger more freedom to buy back stock they considered undervalued.

(Reuters) – Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, on Saturday said quarterly operating profit rose 67 percent, as insurance underwriting rebounded and several business units benefited from a growing economy.

Results easily topped analyst forecasts. Underwriting profit at the Geico auto insurance unit more than quintupled, the BNSF railroad benefited from demand to ship consumer products, grain, petroleum and steel, and the Berkshire Hathaway Automotive car dealership financed more vehicle purchases

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