May 2, 2009, 2:27 PM ET

Surprise: Berkshire Hathaway Earnings Highlights

OMAHA, Neb. — Berkshire Hathaway posted first-quarter operating earnings of $1.7 billion, down from $1.9 billion a year ago. Its book value per share fell 6% in the quarter, in part due to losses in its investing portfolio and losses on credit default swaps.

Earnings fell in Berkshire’s utilities operations in the quarter, while underwriting profit in its insurance businesses gained “a bit” from last year, said Berkshire Chairman Warren Buffett at the company’s annual meeting in Omaha Saturday. (See full article.)

“In all our other businesses, those busineses are basically down” because of the weak economy, said Mr. Buffett.

The company had $22.7 billion in cash at the end of the quarter.

Berkshire made a large investment a day a