"The earnings impact of higher interest rates on investment income is offsetting the economic softness caused by those same rates," he added.
Investors closely watch Berkshire because of Buffett's reputation, and because results from the Omaha, Nebraska-based company's operating units often mirror broader economic trends.
NOT LOVING VALUATIONSQuarterly operating profit rose 7% to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier.
Berkshire repurchased $1.4 billion of stock in the quarter, down from $4.4 billion from January to March.
Overall profit from Berkshire Hathaway Energy, where Berkshire has a 92% stake, was little changed at $785 million.
Persons:
Warren Buffett, Rick Wilking, Berkshire Hathaway, Jim Shanahan, Edward Jones, Buffett, Cathy Seifert, Seifert, PacifiCorp, Jonathan Stempel, Ira Iosebashvili, Angus MacSwan, Jan Harvey, Alistair Bell, Diane Craft
Organizations:
Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Berkshire's Clayton Homes, Profit, BNSF, Forbes, Berkshire repurchased, Apple, Berkshire Hathaway Energy, Occidental Petroleum, Thomson
Locations:
Omaha , Nebraska, Berkshire, Alleghany, Oregon, An Oregon, Occidental, New York