(Reuters) - Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, on Friday said its third-quarter profit rose as strength in the railroad and utility businesses, as well as investment gains, offset weaker results in the insurance units.
Berkshire earned $3.92 billion, or $2,373 per Class A share, compared with $2.28 billion, or $1,380 per share, a year earlier. Book value, Buffett's preferred measure of the company's worth, rose to $111,718 per Class A share, up 11.9 percent since year end.
The ice-cream-to-insurance conglomerate, which employs more than a quarter-million people worldwide, reported its cash pile grew to $47.78 billion, up $10 billion from the start of the year.
Buffett told CNBC last week that he was “salivating” for a major acquisition after two deals of more than $20 billion each fell through in the last few months.
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