Berkshire Hathaway Reports Lower Sales and Earnings for Shaw
Omaha, NE, Nov. 10, 2014 -- Berkshire Hathaway, parent company of Shaw Industries, reported third quarter net earnings of $4.6 billion, or $2,811 a Class A share, compared with $5 billion, or $3,074 a share, a year earlier.
Operating profit rose to $4.7 billion, or $2,876 per Class A share, from $3.7 billion, or $2,228 a Class A share.
The company said that revenues at Shaw Industries declined in 2014, reflecting the shuttering of its rugs division early this year.
Pre-tax earnings of the building products businesses in 2014 increased 6% in the third quarter and 8% in the first nine months compared to 2013.
"Each of our building products businesses generated increased earnings in 2014 over 2013, with the exception of Shaw, where earnings declined, primarily due to lower gross sales margins from comparatively higher manufacturing costs," Berkshire said.
Related Topics:Shaw Industries Group, Inc.