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

Read more: feedproxy.google.com

Related posts

10 things you need to know before the opening bell

Sarah Sanders

show huge floods washing through France, forcing thousands from their homes

Christopher Gordon

Trump takes victory lap after strong GDP report, predicts ‘we’re going to go a lot higher’

FeedPost

The White House can’t even spell the ‘United States’ properly

FeedPost

Here’s why markets shouldn’t freak out about China’s currency just yet

FeedPost

A Canadian province just killed one of the world’s largest basic income pilot projects

Christopher Gordon