Summary Box: Berkshire Hathaway 1Q profit falls

AP News
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Posted: May 06, 2011 7:56 PM
Summary Box: Berkshire Hathaway 1Q profit falls

LOWER PROFIT: Berkshire Hathaway Inc.'s first-quarter profit fell 58 percent to $1.5 billion, or $917 per Class A share, from $3.6 billion, or $2,272 per Class A share, a year ago. Revenue rose to $33.7 billion, up from $32 billion last year.

INSURANCE LOSSES: The sharp drop in earnings was due to hefty losses to the company's insurance segment as a result of the major disasters in Japan, New Zealand and Australia.

BRIGHT SPOT: Berkshire's insurance segment overall, which includes auto and home insurer Geico, still contributed $131 million to net income because of investment gains.