Berkshire Hathaway's profit jumps 29 percent

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Associated Press

Posted on November 1, 2013 at 3:00 PM

Updated Saturday, Nov 2 at 12:02 AM

OMAHA, Neb. (AP) — Warren Buffett's company reported a 29 percent jump in third-quarter profit as it collected some of the proceeds from deals made during the financial crisis.

Berkshire Hathaway earned $5.05 billion, or $3,074 per Class A share, during the quarter. That's up from $3.92 billion, or $2,373 per Class A share, in the same period last year.

The biggest factor in the results was a $1.2 billion investment gain Berkshire recorded as it prepared to redeem warrants in General Electric and Goldman Sachs. Mars and Wrigley also repaid Berkshire for a crisis-era investment.

Berkshire's revenue grew 13 percent to $46.5 billion.

The three analysts surveyed by FactSet expected Berkshire to report operating earnings per Class A share of $2,424.26. Berkshire reported $2,228 operating earnings per A share, which excludes investment gains.

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