OMAHA, Neb. – Warren Buffett’s company reported a nearly $23 billion jump in its first-quarter earnings because of a major swing in the paper value of its investments.
Berkshire Hathaway said Saturday it made $21.6 billion, or $13,209 per Class A share, in the first quarter. That’s up from last year’s loss of $1.14 billion, or $692 per share.
Berkshire said the numbers don’t include any contributions from its ownership of more than one-quarter of Kraft Heinz, which has struggled recently.
Buffett has long said Berkshire’s operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely.
By that measure, Berkshire reported operating earnings of $5.56 billion, or $3,387.56 per Class A share. That’s up from $5.29 billion, or $3, 214.67 per A share.
The analysts surveyed by FactSet expected operating earnings of $3,461.43 per Class A share.
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