OMAHA, Neb. (Reuters) – Warren Buffett on Saturday said preliminary first-quarter profit at his Berkshire Hathaway Inc (N:) (N:) fell about 12 percent, hurt by weaker performance in its railroad and insurance operations.
Quarterly operating profit for the Omaha, Nebraska-based insurance and investment conglomerate probably fell to $3.73 billion from $4.24 billion.
Net income probably rose to $5.59 billion from $5.16 billion, helped by a gain from the swap of Procter & Gamble Co (N:) stock for the Duracell battery business.
Buffett said insurance underwriting suffered from hailstorm claims. Railroads have been hurt by declining oil shipments.
Buffett disclosed the results at Berkshire’s annual meeting. Final results are due on May 6.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
The article Berkshire preliminary first-quarter operating profit falls was originally published at Investing.com - All news.