Since the beginning of the year, Berkshire’s shareholders’ equity has increased $14.4 billion and our book value per Class A equivalent share has increased by 7.6% to $122,900 as of June 30, 2013. The increase in shareholders’ equity is net of a reduction in Berkshire’s shareholders’ equity of approximately $1.2 billion (about $730 per Class A equivalent share). The reduction, which does not reflect economic results, relates to purchases of the shares in Iscar not previously owned and purchases of additional shares in Marmon during the second quarter.
Berkshire Hathaway net income up 46 percent in 2nd quarter (Omaha World-Herald)
"Berkshire Hathaway Inc.’s net income grew 46 percent in the second quarter this year to $4.54 billion, or $2,763 per share, the biggest boost coming from a turnaround in its derivative investments.
Operating earnings, which measure profits by Omaha-based Berkshire’s 80-plus businesses, totaled $3.92 billion, or $2,384 per share, a 5.3 percent increase from last year.
Investments gained $332 million, compared with $81 million in the second quarter of 2012. Derivatives, which are insurance-like contracts whose value varies widely in accounting for corporate finance, gained $300 million during the quarter, compared with a $693 million decline a year ago.
Total revenue for the three-month period that ended June 30 was $44.7 billion, up 15.9 percent from a year earlier. Railroad and utility revenue totaled $8.4 billion, and insurance and other businesses contributed $34.8 billion. [...]
Berkshire said shareholder equity gained $14.4 billion from the start of 2013, with a per-share book value gain of 7.6 percent to $122,900."
Warren Buffett's Berkshire Hathaway 2Q profit up 46 pct (Chicago Tribune)
"Meanwhile, pretax underwriting gains more than doubled at the Geico car insurance unit to $336 million, as premiums earned grew by 11 percent while underwriting expenses fell.
This helped offset a drop in underwriting gains in reinsurance operations, including General Re, which resulted in part from catastrophe losses tied to European floods. [...]
Berkshire's cash stake shrank during the quarter to $35.7 billion from $49.1 billion.
This largely reflected Berkshire's decision to spend about $12.3 billion in June toward the purchase with Brazilian firm 3G Capital of ketchup maker H.J. Heinz Co."
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