Berkshire Hathaway's 4Q profit up 10 percent

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Associated Press

Posted on March 1, 2014 at 10:01 AM

Updated Saturday, Mar 1 at 1:00 PM

OMAHA, Neb. (AP) — Warren Buffett's company says fourth-quarter earnings rose 10 percent to nearly $5 billion as its insurance, rail and energy businesses generated major profit gains.

Berkshire Hathaway's insurance companies, which include Geico and General Reinsurance, reported a $394 million operating profit for the final quarter of 2013, compared with a $19 million loss a year earlier. The Omaha, Neb., company also benefited from a surge in pretax earnings at its "Powerhouse Five," a group of non-insurance companies that include Burlington Northern Santa Fe railroad and electric utility MidAmerican Energy.

Net income rose to $4.99 billion on revenue of $47.05 billion from $4.55 billion on revenue of $44.72 billion in 2012. Operating earnings, which exclude investments and derivatives, grew to $3.78 billion, or $2,297 per Class A share.

The three analysts surveyed by FactSet expected operating earnings of $2,495.42 per Class A share.

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