Berkshire Hathaway (NYSE: BRK-B) announced over the weekend at its annual shareholder’s meeting, a preliminary first quarter profit of $3.6 billion, returning the firm to profitability for the period after losing $1.53 billion in the first quarter a year ago. The company is set to officially report full first quarter results on Friday.
Berkshire’s results were hurt last year by a $241 million realized loss on investment sales, along with a $1.9 billion write down on investments related to ConocoPhillips.
Operating profit, which gives a clearer view on the company’s progress since it excludes the impact of investments, rose 30 percent in the first quarter to $2.22 billion from $1.71 billion.
Berkshire said the addition of Burlington Northern helped push profits in the company’s regulated business unit to $555 million, more than double from a year ago. The unit consists of Berkshire’s utility companies that are regulated by the government.
At the meeting, CEO Warren Buffett offered words of support for Goldman Sachs (NYSE: GS) and stated that he has no intention of selling the company’s stake in the Wall Street Bank.
