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Warren Buffett’s Berkshire Hathaway reported Saturday a decline in first-quarter earnings, as the conglomerate was not immune to a slowing U.S. economy.
The company’s net earnings came in at $5.46 billion, down more than 53% from $11.71 billion in the year-earlier period.
Berkshire’s operating earnings — which encompass profits made from the myriad of businesses owned by the conglomerate like insurance, railroads and utilities — were flat year over year at $7.04 billion. This comes amid a sharp drop in the company’s insurance underwriting business; earnings from the segment dropped nearly 94% to $47 million from $764 million in the year-earlier period.
Warren Buffett
Gerry Miller | CNBC
