Berkshire Hathaway Has Best Quarter Since 2007

Omaha, NE, May 10, 2010–Berkshire Hathaway Inc., parent company of Shaw Industries, on Friday reported its largest quarterly profit since 2007.

First-quarter net income was $3.63 billion, or $2,272 per Class A share, compared with a loss of $1.53 billion, or $990, a year earlier. That loss was Berkshire’s first since 2001.

Operating profit rose 30% to $2.22 billion, or $1,390 per share, from $1.71 billion, or $1,100. Revenue rose 41% to $32.04 billion.

The quarter was Berkshire’s fourth straight with a profit, and its most profitable quarter since it earned $4.55 billion in the third quarter of 2007.

Book value per Class A share, Buffett’s preferred measure for performance, rose 5.8% from year end to $89,374.

There was no breakout of revenues or profits for Shaw included in the report.

However, revenues from its manufacturing activities, where Shaw is grouped, for the first quarter were $4.07 billion an increase of $442 million (12%) over 2009. The increase in revenues was primarily due to increased sales by Forest River, IMC and the apparel group.