Warren Buffett releases annual letter to shareholders

Marco Green
February 24, 2018

Investor Warren Buffett says the acquisition frenzy on Wall Street is making it hard for him to find deals at the right price, but his Berkshire Hathaway conglomerate recorded a $29 billion gain because of the tax reforms Congress passed.

Fourth-quarter net income increased roughly fivefold to $32.55 billion, or $19,790 per Class A share, from $6.29 billion, or $3,823 per share, a year earlier.

Last week, the maker of Velveeta cheese and Heinz ketchup reported disappointing fourth-quarter results, a sign of continued pressure on processed food makers as more Americans opt for healthier meals.

FILE PHOTO: Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha, Nebraska, U.S., May 4, 2013.

The company's full-year earnings shot up 87 per cent to $44.9bn, though Buffett admitted only $36bn came from Berkshire's operations. "It is a bit ironic his candidate would not have any interest in this whatsoever". "Buffett doesn't dwell very long on the politics", Smead said.

Operating profit fell 18 per cent to $14.5bn due to a $2.2bn loss from the group's insurance underwriting unit as a string of natural disasters hit the US.

The five analysts surveyed by FactSet expected Berkshire to report operating earnings per Class B share of $1.76.

Other reports by Click Lancashire

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