Buffett's Berkshire posts higher income

Holding company sees 12% gain over 2006 quarter, boosted by insurance underwriting.


NEW YORK (CNNMoney.com) -- Berkshire Hathaway, the diversified holding company run by billionaire investor Warren Buffett, reported higher first-quarter earnings Friday.

Berkshire (Charts, Fortune 500) reported net earnings of $2.6 billion, or $1,682 a share, according to a press release on the company's Web site. That's 12.2 percent higher than the same quarter a year earlier.

The company, which is involved in everything from insurance and energy to manufacturing and retailing, nearly doubled its earnings from insurance underwriting.

A single class A share of Berkshire Hathaway closed at over $108,000 on the New York Stock Exchange Friday.

The report came a day before the company's famous annual meeting kicks off in Omaha, Neb.

Festivities at what Buffett himself calls the "Woodstock for Capitalists" begin Friday evening with cocktails at Borsheim's, a Berkshire-owned jeweler west of downtown. They end Sunday with a steak dinner at Buffett's favorite restaurant, Gorat's.  Top of page

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.