Berkshire Hathaway Chairman Warren Buffett wanders the company trade show before his company's annual meeting in Omaha, Nebraska April 30, 2011. Dozens of BH companies had displays in the building next to the site of the meeting.  REUTERS/Rick Wilking  (UNITED STATES - Tags: BUSINESS)

Berkshire Hathaway Chairman Warren Buffett wanders the company trade show before his company's annual meeting in Omaha, Nebraska April 30, 2011. Dozens of BH companies had displays in the building next to the site of the meeting. REUTERS/Rick ... Wilking (UNITED STATES - Tags: BUSINESS) (Reuters)

Berkshire's 3Q Profits Rise 29%, Trail Forecasts

By Earnings FOXBusiness

Warren Buffett's Berkshire Hathaway posted a 29% jump in third-quarter profits on Friday, but the holding company's adjusted earnings failed to meet forecasts on Wall Street. 

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Shares of the billionaire's investment vehicle barely budged in after-hours trading. Berkshire owns a broad range of assets, including Dairy Queen, NetJets, H.J. Heinz, and Geico. 

Berkshire said it earned $5.05 billion, or $3,074 per Class A share, last quarter, compared with $3.92 billion, or $2,373 a share, the year before.

Operating earnings increased to $3.66 billion, or $2,228 per Class A share, last quarter, compared with $3.40 billion, or $2,057 a share, the year before. Analysts had been projecting stronger EPS of $2,402.23.

Revenue jumped 13% to $46.54 billion.

The stronger profits were highlighted by $1.39 billion of investment and derivative gains, compared with $521 million the year before. Derivatives generated $277 million in gains last quarter, up from a loss of $76 million in the year-earlier period.  

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Berkshire said its insurance and other revenue jumped 14% to $35.92 billion. Railroad, utilities and energy revenue increased 7% to $9.04 billion, while finance and financial products revenue soared 46% to $1.58 billion.

Class A shares of Omaha-based Berkshire have rallied about 29% so far this year. 

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