Warren Buffett attends the Berkshire Hathaway annual shareholder meeting in Omaha, Nebraska.
David A. Grogan | David A. Grogan CNBC
Berkshire Hathaway Shares of Warren Buffett’s conglomerate rose on Monday after reporting strong fourth-quarter profits over the weekend.
Berkshire Hathaway’s Class B shares rose 2.3% in premarket trading and have gained 17% this year. Berkshire Hathaway’s market capitalization closed Friday at $905.5 billion, according to FactSet.
Berkshire Hathaway reported fourth-quarter operating profit of $8.481 billion on Saturday, up about 28% from $6.625 billion in the same period last year, mainly due to substantial growth in its insurance business. Operating income refers to profits from businesses such as insurance, railroads and utilities.
At the same time, Berkshire’s cash levels surged to record levels. The group held $167.6 billion in cash in the fourth quarter, surpassing the previous quarter’s record of $157.2 billion.
Berkshire Hathaway Class A
