The company said its PacifiCorp electric utility unit could suffer $1.02 billion of pre-tax losses tied to 2020 wildfires
Berkshire Hathaway on Saturday posted its highest ever quarterly operating profit, while gains from stock holdings helped the conglomerate led by billionaire Warren Buffett swing to a nearly $36 billion overall profit.
The BNSF railroad, one of Berkshire’s largest businesses, saw profit drop 24%, hurt by lower shipments of consumer goods, price competition from truckers, and higher pay for employees. Quarterly operating profit topped $10 billion for the first time but grew just 7%, in part from recent purchases of the Alleghany insurer and Pilot truck stop operator.
Second-quarter operating profit rose to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. The quarter was the first to fully include results from Pilot, in which Berkshire now owns an 80% stake. Pilot added $114 million to operating profit.Berkshire also owns $8.8 billion of Occidental preferred stock, which throws off an 8% dividend, though the oil company has been redeeming some of the original $10 billion it issued.
But the company said its PacifiCorp electric utility unit could suffer $1.02 billion of pre-tax losses, or $608 million not covered by insurance, tied to wildfires in 2020.
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