Buffett Sees Record Profits at Berkshire Units

Tuesday, 04 Oct 2011 03:28 PM

 

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
Some of Berkshire Hathaway Inc.'s largest units will post record profits this year, but the conglomerate's housing-related businesses are doing as poorly as they ever have, Chief Executive Warren Buffett said Tuesday.

Speaking at a Fortune magazine event, Buffett said Berkshire's Burlington Northern rail unit, its MidAmerican energy unit, manufacturer Iscar and diversified group Marmon will all post record profits this year.

On the other hand, Buffett said Berkshire's Shaw Carpet unit is down about 25 percent of its staff, while the Acme Brick business has idled half its factories.

"As of today our housing-related businesses are as bad as they've ever been during this period," Buffett told the conference in a question and answer session led by his long-time friend Carol Loomis.

The one large business Buffett did not mention was Berkshire's insurance business, which ranges from auto insurer Geico to reinsurer National Indemnity. He has previously said Berkshire's insurance business might post an underwriting loss for the year due to severe natural disasters.

© 2014 Thomson/Reuters. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved