Net income climbed to $6.4 billion, or $3,889 a share, from $4.54 billion, or $2,763, a year earlier, the Omaha, Nebraska- based company said today in a statement. Operating earnings, which exclude some investment results, were $2,634 a share, beating the $2,482 estimate of three analysts surveyed by Bloomberg.
A rebounding U.S. economy has boosted the value of Berkshire's stock portfolio and helped propel growth at the dozens of operating business that Buffett, 83, acquired during his four-decade tenure as chairman and chief executive officer. The subsidiaries include insurers, manufacturers, retailers, utilities and one of the country's largest railroads, BNSF.
"When it's all said and done, he has a lot of leverage to the U.S.," said Bill Smead, chief investment officer at Smead Capital Management, which oversees about $970 million, including Berkshire stock.
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