Warren Buffett’s Berkshire Hathaway Inc. said second-quarter earnings rose due to unrealized investment gains, while the company’s cash pile grew to a record. Berkshire reported second-quarter net earnings of $14 billion, or $8,608 per Class A share equivalent, from $12 billion, or $7,301 a share, in the year-earlier period.
Berkshire said its earnings for the first half of the year excluded its share of earnings from its 27% stake in Kraft Heinz Inc., because Kraft Heinz hasn’t provided its earnings to Berkshire. Write-downs at Kraft Heinz weighed on Berkshire’s performance in the fourth quarter of 2018.
Berkshire bought back about $440 million of its shares in the second quarter, the company said. Berkshire changed its buyback policy last year, and some shareholders have said they would like the company to spend significantly more cash repurchasing its stock.