Economy

Hurricanes, natural disaster weigh on Berkshire Hathaway earnings

Bad weather weighed on results at Warren Buffett's Berkshire Hathaway Inc, as losses from insurance claims tied to Hurricanes Harvey, Irma and Maria and an quake in Mexico contributed to a 43 per cent drop in third-quarter profit.

Buffett's company generated revenue of $60.53 billion in the period.

Berkshire recorded a $1.4 billion loss on its insurance underwriting stemming from $3 billion in claims from hurricanes Harvey, Irma and Maria and an natural disaster in Mexico. Berkshire Hathaway Inc. reports earnings Friday, Nov. 3, 2017.

Berkshire, which the 87-year-old Buffett has run since 1965, has roughly 90 businesses in such sectors as chemicals, energy, food and retail and industrial products.

But the July-September quarter was all about the storm's bit hit to its insurance business.

The analysts surveyed by FactSet expected Berkshire Hathaway to report operating earnings per Class B share of $1.59.

Investor Warren Buffett gestures on stage during a conversation with CNBC's Becky Quick, at a national conference sponsored by the Purpose Built Communities group that Buffett supports, in Omaha, Neb.

Berkshire said it earned $4.07 billion, or about $1.65 per Class B share. Investment results can vary widely from quarter to quarter, especially if Berkshire sells shares of stocks purchased years ago.



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