Berkshire Profit Surges to Record $9.43 Billion on Kraft Heinz
- Operating profit beats estimates as railroad earnings rise
- Unrealized losses on IBM stake widen to $2 billion in quarter
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Warren Buffett’s Berkshire Hathaway Inc. said third-quarter profit doubled on a one-time investment gain in Kraft Heinz Co.
Net income climbed to a record $9.43 billion, or $5,737 a share, from $4.62 billion, or $2,811, a year earlier, the Omaha, Nebraska-based company said in a statement Friday. Operating earnings, which exclude some investment results, were $2,769 a share, beating the $2,721 average estimate of three analysts surveyed by Bloomberg.