(Bloomberg) -- Berkshire Hathaway Inc.’s first-quarter profit climbed 9.8% as lower fuel prices helped the railroad business, and investment income improved because of Chairman Warren Buffett’s wager on Burger King.
Net income rose to $5.16 billion, or $3,143 per share, from $4.71 billion, or $2,862, a year earlier, Omaha, Nebraska-based Berkshire said Friday in a statement. Operating earnings, which exclude some investment results, were $2,583 per share, beating the $2,373 estimate of three analysts surveyed by Bloomberg.
Investors gathered in Omaha this past weekend for Berkshire’s annual meeting and helped Buffett, 84, celebrate his golden anniversary running the company. When he took control five decades ago, it was a struggling textile maker. He gradually transformed Berkshire into a sprawling conglomerate with operations that now include insurers, utilities, manufacturers, retailers and one of the largest U.S. railroads.
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