Berkshire Profit Hits a Record as Buffett’s Cash Pile Grows
- Operating profit rises 14% on investment gains, railroad boost
- Cash pile tops $128 billion as Buffett buys back some stock
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Berkshire Hathaway Inc.’s operating profit jumped 14% to a record as Warren Buffett’s conglomerate saw gains from its railroad and got some long-awaited earnings from Kraft Heinz Co.
Operating earnings climbed to $7.86 billion in the third quarter, thanks in part to a rise in investment income and Berkshire’s reinsurance group posting its first underwriting profit of the year despite losses from a Japanese typhoon. Revenue climbed 2.4% on increases from the company’s insurers and manufacturing businesses.