Renowned value investor, Warren Buffet’s Berkshire Hathaway (NYSE: BRK.A) reported a 50.5% jump in its fiscal first-quarter net income on Friday, which also edged past Street’s consensus estimate.
For the quarter, Berkshire Hathaway reported net income of $4.89 billion or $2, 9777 a share compared to a profit of $3.25 billion or $1,966 a share.
On adjusted basis, Berkshire reported earnings of $2,302 a share, beating analysts’ estimate of $1,995.50 a share.
Revenue soared 15% to $43.87 billion, edging past Street’s consensus forecast of $42.21 billion.
Gains from investments stood at $326 million compared to a loss of $70 million in the year-earlier quarter.
Gains from derivatives climbed to $784 million in the first quarter from $650 million in the same quarter of last year.
The Company said that its revenue from insurance and “other” operations climbed to $33.24 billion from $28.29 billion, in the same quarter of last fiscal as insurance premiums earned increased to $9.4 billion.
For the quarter, Berkshire Hathaway said that its book value rose 5.5% to $120,525 per Class A share from the same quarter of last year.
Meanwhile, the Company’s annual shareholder meeting will also kick start in Omaha, Neb, from this weekend. Thousands of investors are expected gather at the meeting where discussion are likely to revolve around issues like who could be Mr. Buffet’s successor and how the future capital will be allocated.
During the meeting, Berkshire Hathaway’s Chairman and Chief Executive, Warren Buffet will answer shareholders’ queries.
While speaking to Fox Business Network, Buffet said that the Board currently has several potential contenders to take over the reins, in case he dies.
“There’s no one more concerned about the successor than I… We spend more time at the board meeting talking about that. If something happens to me tonight … and my heart gives out, the board tomorrow morning will have somebody”, said Buffet to Fox News Network.
However, he added that he has no intention to retire.