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Berkshire operating profit climbs 6.6 percent on manufacturing gain

The insurance group reported that underwriting profit slipped 34 percent to $272 million as results worsened at the companys namesake reinsurance business and auto insurer Geico.

By Noah Buhayar | Updated on November 04, 2016
Warren Buffett's Berkshire insurance group reported that underwriting profit slipped 34 percent to $272 million as results worsened at the company’s namesake reinsurance business and auto insurer Geico. (AP Photo)

(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.

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