Warren Buffett’s Berkshire Hathaway Inc. BRK.B 2.18% stated its second-quarter earnings surged 86%, as a rebound in the stock market offset a revenue decline within the firm’s operations and a big write-down for Precision Castparts Corp.
Berkshire reported second-quarter web earnings of $26.Three billion, or $16,314 per Class A share equal, from $14.1 billion, or $8,608 per Class A share equal, within the year-earlier interval.
Working earnings, which exclude some investment outcomes, fell to $5.5 billion from $6.1 billion within the yr prior. Earnings elevated inside the firm’s huge insurance coverage operations, particularly underwriting, whereas railroad, utilities and vitality, and different companies declined.
Berkshire took a $9.Eight billion write-down for Precision Castparts within the quarter. Berkshire purchased Precision Castparts for about $32 billion in 2016. The corporate, which provides elements for plane makers and makes tools for energy stations and the oil-and-gas business, has been harm by the coronavirus pandemic.