PHILPHOTO: Berkshire Hathaway shareholders join a video screen at the company's annual meeting in Omaha on May 4, 2013. REUTERS / Rick Wilking / Filfoto
NY YORK (Reuters) – Berkshire Hathaway Inc ( BRKa .N ), the conglomerate driven by billionaire Warren Buffett, said on Saturday that quarterly earnings almost doubled from the previous year due to stronger insurance results and lower taxes.
To help the company's massive insurance business were lower estimated liabilities from property and non-life insurance in previous years and lower taxes. The year before included major losses due to three American hurricanes and an earthquake in Mexico.
Operating profit in the second quarter increased to $ 6.88 billion from $ 3,444 billion the year before, and higher than the $ 6.1
The insurance guarantee was $ 441 million in the third quarter, compared with a loss of $ 1.4 billion in the previous year.
"This is certainly one of the largest quarterly earnings reports ever made by a US company," said Bill Smead, general manager of Smead Capital Management in Seattle, a Berkshire shareholder.
Smead noted that Buffett has told investors that tax policy changes should help Berkshire and be positive overall of the company.
Reporting by Trevor Hunnicutt; Editing James Dalgleish