Berkshire Hathaway's profit jumps 14%

Associated Press

August 7, 2009 | 3:24 p.m.
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OMAHA, Neb. -- Warren Buffett's company reported a 14 percent jump in second-quarter profit as the improving stock market boosted the value of Berkshire Hathaway Inc.'s derivative contracts and its investments.

On Friday, the Omaha-based company reported $3.3 billion in net income, or $2,123 per share, for the quarter ending June 30.
That's up from $2.88 billion, or $1,859 per share, in the same period a year ago.

The three analysts surveyed by Thomson Reuters on average expected Berkshire to report earnings per share of $1,238.38.

Berkshire generated revenue of $29.61 billion in the quarter, down slightly from $30.03 billion a year ago.

Berkshire owns more than 60 subsidiaries and it has major investments in such companies as Coca-Cola Co. and Wells Fargo & Co.