Berkshire Hathaway Inc on Saturday said its quarterly operating profit fell more...
) on Saturday said its quarterly operating profit fell more than analysts expected, as weaker results from insurance underwriting and a slowing economy weighed on the conglomerate run by billionaire Warren Buffett.
The auto insurer Geico suffered larger accident gains, while cargo volumes for consumer and agricultural products declined at the BNSF railroad. Earnings barely budged in Berkshire’s manufacturing and its service and retailing lines of business. A U.S. accounting rule requires Berkshire to report such gains with earnings. That rule adds volatility to Berkshire’s net results, and Buffett says it can mislead investors.
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