Berkshire Hathaway posts 7% gain in 2Q profit

NEW YORK (AP) — Warren Buffett’s Berkshire Hathaway company reported a 7% gain in profit for the second quarter as the conglomerate saw improvements in its railroad, utilities and energy companies.

Berkshire Hathaway, based in Omaha, Nebraska, said Saturday that it earned $28.1 billion, or $18,488 per Class A share, during the second quarter. A year earlier, Berkshire reported a profit of $26.3 billion or $16,314 per Class A per share.

Buffett has long said Berkshire’s operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely. By that measure, Berkshire’s operating earnings improved to $6.7 billion during the quarter from $5.5 billion in the year-ago period.

The conglomerate has seen profits at its businesses turn around as the economy continues to rebound from the pandemic. However, profits for its insurance operations declined during the second-quarter.

The company also disclosed that it repurchased $6 billion of its stock during the second quarter, bringing the six-month total to $12.6 billion.

Berkshire Hathaway Inc. owns more than 90 companies, including the BNSF railroad and insurance, utility, furniture and jewelry businesses. The company also has major investments in Apple, American Express, Coca-Cola and Bank of America.