Boston, MA 03/11/2014 (wallstreetpr) – Berkshire Hathaway Inc. (NYSE:BRK.B) saw its fourth quarter profit surge by 10% to a high of $5 billion as the company’s rail, energy and insurance unit’s registered improved gains as the economy continues to pick up. The company’s insurance subsidiaries Geico and General reinsurance reported $394 million in underwriting profits for the fourth quarter compared to a net loss of $19 million for the same quarter the prior year. Berkshire also benefited from improved performance from its non-insurance companies such as BNSF rail road and electric Utility Mid-American Energy.
Fourth quarter earnings
Berkshire Hathaway Inc. (NYSE:BRK.B) fourth quarter net income came in at $4.99 billion compared to a low of $4.55 billion reported for the same quarter the prior year. Total revenue for the quarter came in at $47.05 billion up from lows of $44.72 billion reported in 2012 same quarter. Berkshire owner Buffet maintains that the company impressive operating earnings are an indication that the company is not being affected by swings in paper value and derivatives.
Berkshire Hathaway Inc. (NYSE:BRK.B) operating earnings for the quarter that excluded investments and derivatives grew to a high of $3.78 billion. The company’s full year revenue came in at $182.15 billion with the company reporting total earnings of $19.48 billion
Berkshire increases its position in Exxon Mobil and Wells Fargo
Berkshire Hathaway Inc. (NYSE:BRK.B) has confirmed it has increased its ownership interest in Exxon Mobil as well as Wells Fargo, the Buffet Company has increased its stake in Exxon Mobil by 1040,272 Shares which accounts for 3.97% of the company’s portfolio. Berkshire has on the other hand also increased its stake in Wells Fargo by 326,500 shares thus increasing its stake in the company to 9.2%.
Berkshire hit a 52 week high on March 6, 2014 hitting a high of $121.44 which is a 17% increase over the past year. The company stock currently commands an average buy rating in the market.
Berkshire Hathaway Inc. (NYSE:BRK.B) was up by 1.17% on Monday trading session to close the day at a high of $124.10
