Warren Buffett's Berkshire Hathaway Posts Lower Profit

Warren Buffett's Berkshire Hathaway Inc. late Friday said its third-quarter net income fell to $7.2 billion, or $4,379 a share, from $9.43 billion, or $5,737 a share, a year earlier. Operating earnings, however, edged up to $4.85 billion versus $4.55 billion. Investment and derivative gains during the quarter totaled $2.35 billion, shrinking from $4.88 bilion in the year-ago period. Berkshire's book value, a measure of net worth, rose 5.3% to $163,783 per class A share at the end of September, the company said. Berkshire Hathaway's class A shares were flat in late trade after closing down 0.2% to $214,545.