Berkshire-Hathaway reports earnings increase of 62%

OMAHA, Neb. — Berkshire Hathaway Inc., billionaire Warren Buffett's investment vehicle, reported Friday that its second-quarter earnings jumped 62 percent on strength in its insurance and utility businesses and in its investments.

Berkshire's net earnings were $2.35 billion, or $1,522 per share, for the three months that ended June 30. That compares with last year's second quarter net earnings of $1.45 billion, or $941 per share, according to Berkshire's filing with the Securities and Exchange Commission released late Friday afternoon.

The Omaha-based company's revenue jumped 33 percent to $24.19 billion during the quarter.

Class A shares of Berkshire stock gained $410, or less than 1 percent, Friday to close at $91,710 on the New York Stock Exchange.

Class B shares of Berkshire stock gained $8, or less than 1 percent, Friday to close at $3,050.

Berkshire owns more than 60 companies including insurance, clothing, furniture, jewelry and candy companies, restaurants, natural gas and corporate jet firms and has major investments in such companies as Coca-Cola Co. and Anheuser-Busch Cos.

During the quarter, Berkshire completed its acquisition of Applied Underwriters, a San Francisco-based company.

Berkshire has not announced any major acquisitions since just before its annual shareholder meeting in May. Since then, the company has completed its $4 billion purchase of an 80 percent stake in Iscar Metalworking Cos., which makes metal cutting tools, and its $597.2 million acquisition of sportswear maker Russell Corp. But those deals were completed during the third quarter.