Berkshire Hathaway Q3 profit down 24%Staff Writer | November 5, 2016
Berkshire Hathaway reported 24% lower profit for the third quarter as the conglomerate's results couldn't size up to last year's results which included a large $4.4 billion gain from an investment in Kraft Heinz.
Berkshire Hathaway Net income to shareholders reached $7.2 billion
Berkshire Hathaway had $1.6 billion gain during the period from the sale of Berkshire's stake in the Wrigley to Mars. The company's net income to shareholders reached $7.2 billion, which amounts to $4,379 per Class A share of Berkshire.
Revenue during the quarter rose 0.1% to $59.1 billion. Stripping out one-time and unusual charges and gains, Berkshire posted a profit of $2,951 a share, which was up 6.6% from the same period a year ago. ■