(Bloomberg) -- Berkshire Hathaway Inc.’s first-quarter profitclimbed 9.8% as lower fuel prices helped the railroad business, andinvestment income improved because of Chairman Warren Buffett’swager on Burger King.
Net income rose to $5.16 billion, or $3,143 per share, from$4.71 billion, or $2,862, a year earlier, Omaha, Nebraska-basedBerkshire said Friday in a statement. Operating earnings, whichexclude some investment results, were $2,583 per share, beating the$2,373 estimate of three analysts surveyed by Bloomberg.
Investors gathered in Omaha this past weekend for Berkshire’sannual meeting and helped Buffett, 84, celebrate his goldenanniversary running the company. When he took control five decadesago, it was a struggling textile maker. He gradually transformedBerkshire into a sprawling conglomerate with operations that nowinclude insurers, utilities, manufacturers, retailers and one ofthe largest U.S. railroads.
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