Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha, Nebraska, U.S. on May 4, 2013. Photo: REUTERS/Rick Wilking
Bad weather weighed on results at Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), as losses from insurance claims tied to Hurricanes Harvey, Irma and Maria and an earthquake in Mexico contributed to a 43 percent drop in third-quarter profit.
Berkshire on Friday said net income fell to $4.07 billion, or $2,473 per Class A share, from $7.2 billion, or $4,379 per share, a year earlier.
Operating profit, which excludes investment and derivative gains and losses and which Buffett says better reflects company performance, fell 29 percent to $3.44 billion, or $2,094 per Class A share, from $4.85 billion, or $2,951 per share.
Berkshire said it incurred $1.95 billion of after-tax underwriting losses attributable to the hurricanes and earthquake.