Investing.com -- Berkshire Hathaway (NYSE:BRKa) (NYSE:BRKb) reported a 14% drop in first-quarter operating earnings to $9.64 billion, down from $11.22 billion a year earlier, as insurance underwriting income declined sharply.
Insurance underwriting operating income fell 49% year-over-year to $1.34 billion, while insurance investment income rose 11% to $2.89 billion.
BNSF Railway posted operating income of $1.21 billion, up 6.2%, and Berkshire Hathaway Energy reported a 53% increase to $1.10 billion.
Net income dropped 64% to $4.60 billion. The company’s insurance float remained steady at $173 billion.
Berkshire was a net seller of equities for the tenth consecutive quarter, purchasing $3.18 billion worth of stocks while selling $4.68 billion.
Despite the earnings decline, Berkshire’s cash pile surged to a record $347.7 billion in the quarter.
