Berkshire Hathaway Businesses See Better Q3

Omaha, NE, Nov. 7, 2011 -- Berkshire Hathaway Inc., the parent company of Shaw Industries, said Friday that its third-quarter profit fell 24% from a year ago due to a sharp decline in the value its equity derivative contracts.

However, most of the company's business segments, including its railroad, insurance underwriting and manufacturing operations, reported improved earnings for the quarter.

Berkshire said net income was $2.28 billion, or $1,380 per Class A share, for the three months ended Sept. 30. That's down from net income of nearly $3 billion, or $1,814 per Class A share, a year earlier.

Revenue fell to $33.7 billion from $36.3 billion last year.

While most of the firm's manufacturing operations improved, Berkshire Hathaway said that Shaw continued to be hurt by slow residential housing construction activity. It also cited higher raw materials costs.

Revenues at its retail businesses, which includes Nebraska Furniture Mart and R.C. Willey, rose 4%.

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