Berkshire Hathaway’s Profit Falls

AnchorageDailyNews tells MHProNews although many of Warren Buffett’s Berkshire Hathaway subsidiaries did well in Q2 2012, including its housing-related businesses, its overall second quarter profit dropped nine percent. Berkshire earned net income of $3.1 billion, $1.25 a Class B share, a drop from last year’s second quarter income of $3.4 billion, or $1.38 per Class B share. The loss was attributed to derivatives the company sold, although the true value of the derivatives will not be known for several years. They are nonetheless required to estimate their value with each earnings report. The company reported revenue growth of $38.5 billion over last year’s $38.3 billion. Operating profit grew from Q2 2011’s $2.7 billion to second quarter 2012’s $3.7 billion, a 37% increase. Berkshire owns roughly 80 subsidiaries, including Clayton Homes, the largest producer of manufactured housing in North America, and has major investments in such firms as Coca-Cola and Wells Fargo & Co.

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