OMAHA (dpa-AFX) - Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRK-B, BRK-A, BRKa) reported Friday lower earnings in its second quarter due to slumping results at its insurance businesses, despite increased total revenues. BRK.B shares fell 1.5% in after-hours trading.
For the second quarter, net earnings attributable to Berkshire shareholders dropped to $4.26 billion from $5.00 billion last year. Net earnings per Class A equivalent share fell to $2,592 from $3,042 last year.
Operating earnings were $4.12 billion, compared to $4.61 billion a year ago. Operating earnings per Class A equivalent share were $2,505, compared to $2,803 a year ago.
Insurance-underwriting posted operating loss of $22 million, compared to last year's profit of $337 million. Insurance-investment income's operating earnings declined from last year. Railroad, utilities and energy and Other businesses recorded improved earnings in the quarter.
Total revenues grew to $57.52 billion from prior year's $54.25 billion. Insurance and Other revenues increased to $45.71 billion from last year's $43.39 billion.
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