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Buffett's firm doubles its 3Q profit on Kraft Heinz merger

Berkshire Hathaway says its 3Q profit more than doubled as it completed Kraft Heinz merger

Buffett's firm doubles its 3Q profit on Kraft Heinz merger

OMAHA, Neb. (AP) -- Berkshire Hathaway Inc.'s third-quarter profit more than doubled as the completion of the Kraft-Heinz merger boosted the value of its stake in the food giant.

The conglomerate Warren Buffett leads said it earned $9.4 billion, or $5,737 per Class A share. That's up from $4.6 billion, or $2,811 per share, in last year's third quarter.

Berkshire's revenue grew 15 percent to nearly $59 billion as its non-insurance businesses performed well.

Berkshire holds about 30 percent of the stock in the Kraft Heinz Food Co., and it recorded a $4.4 billion after-tax gain as the result of the merger.

Buffett says operating earnings offer a better view of quarterly performance because they exclude investments and derivatives. Berkshire's operating earnings per Class A share were $2,769 this year, down slightly from $2,876 last year.

The four analysts surveyed by FactSet expected Berkshire Hathaway to report operating earnings per Class A share of $2,716.26.


Updated : 2021-09-22 00:24 GMT+08:00