| Lower tax rate fuels record profit for Buffett’s Berkshire | Tweet @newsCOflash

February 24, 2018


2018-02-24 13:41:17

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) on Saturday reported a record quarterly and annual profit, benefiting from a lower U.S. corporate income tax rate.

Fourth-quarter net income increased roughly fivefold to $32.55 billion, or $19,790 per Class A share, from $6.29 billion, or $3,823 per share, a year earlier. Quarterly operating profit for the Omaha, Nebraska-based conglomerate fell 24 percent to $3.34 billion from $4.38 billion.

FILE PHOTO: Berkshire Hathaway shareholders walk by a video screen at the company’s annual meeting in Omaha, Nebraska, U.S., May 4, 2013. REUTERS/Rick Wilking/File Photo

Berkshire attributed roughly $29.11 billion of its net income to the reduction of the U.S. corporate tax rate, to 21 percent from 35 percent, that President Donald Trump signed into law in December.

Book value per Class A share, which reflects assets minus liabilities and which Buffett considers a good yardstick for Berkshire’s intrinsic worth, was $211,750 at the end of the year, up 13 percent from three months earlier.

This also benefited from the tax law change. For all of 2017, Berkshire’s net income rose 87 percent to $44.94 billion. Operating profit, however, fell 18 percent to $14.46 billion, hurt by a rare loss from insurance underwriting.

Berkshire’s Class A shares closed at $304,020.01 on Friday, and its Class B shares closed at $202.76. Both are up a little over 2 percent this year, but are down nearly 7 percent from their record highs set on Jan. 29.

Reporting by Jonathan Stempel; Editing by Mark Potter

Our Standards:The Thomson Reuters Trust Principles.

“The NAIM Code” By Jordan Duran – 2 Books in 1–Buy it On Lulu

“Frank’s Funeral” By Terry London–“Buy It On Amazon.

“newsCO TOP 10 Book Selections”

“Author’s Submit Your Book For Review” – Tweet Us—@newsCOflash

★BOOKr..“Post Your Books For Sale On BOOKr”


★Jordan Duran-“Master Hypnotherapist & Life Coach – Online, By Phone, In Person – Worldwide.–TnC RAPID Results. End the Hurt–Contact Jordan.

★BLOGr..“Write it On BLOGr The Social Blog”

Girl Collection Fashion—CGFASH

—The New York Guardian









Checkusin—Cheapest Hotel – Flight Deals Online #1 News in a FLASH – Contact Us

Article Categories:
Top Stories · US & Canada · World

Leave a Comment

Your email address will not be published. Required fields are marked *