(Bloomberg) – Warren Buffett's Berkshire Hathaway Inc. said third-quarter operating profit rose 6.6 percent on contributions from newly acquired manufacturing businesses.
Operating earnings, which exclude some investment results, climbed to $4.85 billion, or $2,951 a share, from $4.55 billion, or $2,769, a year earlier, according to a statement Friday from the Omaha, Nebraska-based company. That missed the average $3,058-a-share estimate of three analysts surveyed by Bloomberg. Net income fell 24 percent from a year earlier when Buffett booked a large gain on an investment in Kraft Heinz Co.
Buffett, 86, has long told shareholders that they should focus on the underlying earnings of Berkshire's operating businesses, rather than one-time gains or losses on securities. Since the beginning of the year, he's added to his company's stable of subsidiaries, completing deals for battery-maker Duracell and Precision Castparts Corp., a global supplier to the aerospace industry.
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