CEO Warren Buffett

NEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc <BRKa.N> <BRKb.N> on Friday said third quarter net income tripled, as rising stock markets boosted its investment holdings and a quiet hurricane season contributed to higher insurance profit. Results were announced three days after Buffett revealed the biggest acquisition in his 44 years running Berkshire, a $26 billion takeover of Burlington Northern Santa Fe Corp <BNI.N>. Berkshire had already owned 23 percent of the nation's second-largest railroad operator. Third-quarter net income for Omaha, Nebraska-based Berkshire rose to $3.24 billion, or $2,087 per Class A share, from $1.06 billion, or $682, a year earlier. Excluding investments, ... Read Full Story

Among the earnings stories for Friday, Nov. 6, from AP Financial News: Top stories: OMAHA, Neb. (AP) — Warren Buffett's company says its third-quarter profit tripled as the improving economy and stock market boosted the value of Berkshire Hathaway Inc.'s derivative contracts. Other stories: HOUSTON (AP) — Rosetta Resources Inc. said its revenue fell by nearly half due to lower natural gas prices. GREAT NECK, N.Y. (AP) — One Liberty Properties Inc. said its third-quarter funds from operations rose 22 percent as rental income increased. YORK, Pa. (AP) — York Water Co., which purifies and distributes water, said a higher number of customers plus ... Read Full Story

Warren Buffett's company says its third-quarter profit tripled as the improving economy and stock market boosted the value of Berkshire Hathaway Inc.'s derivative contracts. Berkshire said Friday it generated $3.2 billion, or $2,087 per share, in net income. That's up significantly from last year's $1.1 billion, or $682 per share. Most of the swing in earnings is related to unrealized gains in the value of Berkshire's derivatives, some of which are tied to credit defaults and some of which are tied to equity markets. Berkshire's insurance companies performed well, but its other operating companies struggled. Berkshire owns more than 60 subsidiaries and it has ... Read Full Story

Montana political and agricultural leaders hope Berkshire Hathaway's planned purchase of the Burlington Northern Santa Fe railroad will lead to lower shipping costs in Montana, but they doubt much will change. Gov. Brian Schweitzer, a farmer and rancher, said Tuesday he had spoken to both Warren Buffett, chairman of Berkshire Hathaway, and Matthew Rose, BNSF's chairman, president and CEO. "I said to both of them that I look forward to working with both in the future to improve service and shipping costs for our farmers, our miners and our merchants," Schweitzer said. U.S. Sens. Jon Tester and Max Baucus said they also are concerned ... Read Full Story

Warren Buffett unveiled Tuesday a deal to take over Burlington Northern Santa Fe, one of the largest rail operators in North America, calling it a huge bet on the future of the US economy. The billionaire investor's Berkshire Hathaway holding group said it would purchase the 77.4 percent of Burlington Northern Santa Fe (BNSF) that it does not currently own for 100 dollars per share in cash and stock. The offer values the rail operator at 44 billion dollars, including 10 billion dollars in debt. Buffett will invest some 26.3 billion dollars for the new stake. "It's an all-in wager on the economic future ... Read Full Story