Berkshire Hathaway 3Q Earnings Off 48%

Omaha, Nebraska, November 7, 2005–Berkshire Hathaway reported third quarter earnings that were off fell 48% to the lowest level in nearly four years, hurt by nearly $3 billion of losses from Hurricanes Katrina and Rita.

Earnings in the quarter fell to $586 million, or $381 per Class A share, from $1.14 billion, or $739 per share, a year earlier. Per-share figures are high because the company has few shares outstanding.

Revenue rose 7% to $20.53 billion. Expenses increased 15% to $19.84 billion.

Profit for Berkshire was the lowest since the fourth quarter of 2001, following the Sept. 11 attacks.

Results were hurt by an estimated $2.99 billion of losses from Hurricanes Katrina and Rita, which struck the U.S. Gulf Coast in August and September, respectively.