Nov 6th, 2009 - AOL Money & Finance
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OMAHA, Neb. -Warren Buffett's company said Friday that its third-quarter profit tripled as the improving economy and stock market boosted the value of Berkshire Hathaway Inc.'s derivative contracts.
Berkshire said it generated $3.2 billion, or $2,087 per share, in net income. That's up significantly from last year's $1.1 billion, or $682 per share.
Most of the swing in earnings is related to an unrealized $1.7 billion gain on Berkshire's derivatives, some of which are tied to credit defaults and some of which are tied to equity markets. That compares to a $1.3 billion loss on Berkshire's derivatives in last year's third quarter.
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Related videos from YouTube:
- Buffett And Berkshire Hathaway...Betty Liu of Bloomberg News speaks with Warren Buffett and other powerful minds that we're involve in the Berkshire Hathaway. (For The Record)
- Berkshire Hathaway Chairman...Warren Buffett interviews with FOX Business, May 4, 2009.
- Warren Buffett's Successor...Warren Buffett and members of his inner circle shed some light on what will happen to Berkshire Hathaway when the billionaire investor steps down. (Venture)
- Warren Buffett interviewWarren Buffet, CEO, Berkshire Hathaway Inc. in an exclusive interview with the Financial Post.
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