(The Associated Press circulated the following on February 26, 2011.)
OMAHA, Neb. — Warren Buffett’s Berkshire Hathaway reported a 43 percent jump in fourth-quarter earnings Saturday largely because of strong performance at its railroad business and a paper gain of $1.4 billion on the company’s derivative contracts and investments.
Buffett said in his annual letter to shareholders that the purchase of the Burlington Northern Santa Fe railroad was Berkshire’s highlight of 2010.
Berkshire reported net income of $4.38 billion, or $2,656 per share of its primary, Class A stock, which carries more voting power than Class B shares. That’s up from the $3.1 billion net income, or $1,969 per Class A share, a year ago. It’s also higher than the $1,695 per Class A share expected by analysts surveyed by FactSet.
Buffett said Berkshire’s $26.7 billion acquisition of BNSF last February is working out better than he expected. The railroad added $2.2 billion to Berkshire’s net income in 2010.
The full story appears at abcnews.go.com.