Berkshire Hathaway Reports Lower Net Income

Omaha, NE, Aug. 6, 2012 -- Profits at Berkshire Hathaway Inc. in the second quarter fell 9%, the company said.

Berkshire said that profits were up in Berkshire's insurance units, and its housing related companies, such as Shaw Industries and Nebraska Furniture Mart, also showed improvementl.

Business also picked up at the company's railroad, manufacturing and retail businesses.

Berkshire said it generated $3.1 billion net income, or $1.25 per Class B share. That's down from last year's second quarter net income of $3.4 billion, or $1.38 per Class B share.

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