Berkshire Hathaway's 1Q profit more than doubles

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Associated Press

Posted on May 4, 2012 at 7:01 PM

Updated Friday, May 4 at 7:01 PM

OMAHA, Neb. (AP) — Warren Buffett's company says its first-quarter profit more than doubled because Berkshire Hathaway Inc.'s insurance units avoided major disaster losses and the paper value of its derivative contracts improved.

Berkshire said Friday that it generated $3.245 billion net income, or $1,966 per Class A share. That's up from last year's $1.511 billion net income, or $917 per Class A share.

Last year's results were hurt by $1.1 billion in insurance losses from the Japanese earthquake and tsunami, Australian floods and the New Zealand earthquake.

The results fell short of what the four analysts surveyed by FactSet expected. They had forecast Berkshire would report earnings per Class A share of $2,297.50 on $39.154 billion in revenue.

Berkshire says its revenue grew 13 percent to $38.1 billion from last year's $33.7 billion.

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