Berkshire Hathaway Reports Lower Net Income

Omaha, NE, May 2, 2011 -- Berkshire Hathaway Inc., parent company of Shaw Industries, said first-quarter profit fell 58%, mostly on losses in its insurance units.

Net income fell to $1.51 billion from $3.63 billion the same period last year as natural-disaster losses, mostly in Japan, exceeded $1.6 billion.

Manufacturing, service and retailing jumped to $558 million in the first quarter from $477 million in the same period in 2010. That group includes Shaw Industries.

“Pretty much all of our businesses with the exception of those that are related to residential housing are getting better,” CEO Warren Buffett said.

Related Topics:Shaw Industries Group, Inc.