(Source: Associated Press, August 8, 2020)
OMAHA, Neb. — Warren Buffett’s company reported an 87% jump in its second-quarter profit as the paper value of its investment portfolio increased with the stock market, but it took a roughly $10 billion write down on the value of its aircraft parts manufacturing business because of the economic impact of the coronavirus pandemic. BNSF’s profit declined 15% to $1.1 billion during the quarter as the number of shipments it handled fell 18%. But the railroad was able to cut its operating expenses 26% to help offset the lower volume.
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