OMAHA, Neb. — Warren Buffett’s conglomerate reported an 82% soar in its third-quarter revenue as the worth of its funding portfolio soared, however Berkshire Hathaway mentioned the coronavirus pandemic continued to harm its assorted companies, equivalent to BNSF railroad.

Berkshire mentioned Saturday that it earned $30.1 billion, or $18,994 per Class A share, in the course of the quarter. That is up from $16.5 billion, or $10,119 per Class A share, a 12 months in the past. Many of the good points had been as a consequence of a $24.8 billion enchancment within the estimated worth of Berkshire’s investments, which embrace massive stakes in Apple and Financial institution of America.

Buffett maintains that Berkshire’s working earnings provide a greater view of quarterly efficiency as a result of they exclude investments and derivatives, which might differ extensively. By that measure, Berkshire’s working earnings declined by 32%, to $5.49 billion, or $3,452.45 per Class A share. That is down from $8.07 billion, or $4,943.04 per Class A share, a 12 months earlier.

The 4 analysts surveyed by FactSet anticipated Berkshire to report working earnings per Class A share of $3,587.63.

Berkshire mentioned it spent $9 billion repurchasing its personal shares in the course of the third quarter, which is almost double the report $5.1 billion it spent shopping for its personal inventory within the second quarter. However even after the repurchases and a handful of investments Berkshire made in the course of the quarter, the corporate nonetheless held $145.7 billion in money and short-term investments on the finish of the third quarter.

Berkshire mentioned its income slipped by 3% within the quarter, to $63.02 billion.

BNSF mentioned revenue fell by 8%, to $1.35 billion, on the railroad because the coronavirus continued to sluggish freight visitors. Berkshire mentioned the railroad delivered 8% much less freight in the course of the quarter, which is best than the second quarter, when quantity fell by 18% on the peak of the virus-related enterprise shutdowns, however nonetheless considerably decrease than final 12 months.

Berkshire owns greater than 90 firms, together with Geico insurance coverage and utility, furnishings, manufacturing and jewellery companies. The Omaha, Nebraska-based conglomerate additionally has main investments in such firms as American Categorical, Moody’s and Coca-Cola.