Samantha Sharf
Forbes Staff
Warren Buffett’s Berkshire Hathaway reported better than anticipated third quarter earnings after the closing bell Friday.
The holding company reported $51.2 billion in revenue, up 10% from the same period last year though slightly behind Wall Street analysts’ consensus estimate. Net earnings came in at $4.6 billion, down 9.4% from last year. That comes to $2,811 per Berkshire A share besting the Street call for $2,594 in earnings per share.
As noted in the company’s filing with the Securities and Exchange Commission, “Our subsidiaries engage in a number of diverse business activities” and ” are managed on an unusually decentralized basis.” The largest contributor to Berkshire’s net earnings were its manufacturing, service and retailing holdings which brought in $1.2 billion. These businesses include McLane which is a wholesale grocery distributor, paint manufacturer Benjamin Moore and undergarment brand Fruit of the Loom. The second largest segment was railroads at $1 billion. Berkshire broke down the net earnings this way –
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Berkshire A shares, which crossed the $200,000 mark for this first time this summer, finished regular trading Friday at $214,970 a share after hitting a new 52-week high of $215,925 in intraday trading. Following the report A shares were up $305, or 01%, to $215,275. Berkshire’s B shares, which stock-split-resistant Buffett didn’t agree to until 2009, finished the day up slightly at $143.61 and ticked a few cents higher after the bell.
Buffett’s personal wealth notched up by about $55 million immediately following the 5 p.m. release, according to FORBES’ Real-Time Billionaires ranking. Chump change to the third richest person in the world and the second richest in America currently worth $70.3 billion.
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