*BERKSHIRE HATHAWAY POSTS RECORD OPERATING PROFIT AS RISING RATES BOOST BUFFETT'S RETURNS $BRK.A
) on Saturday posted its highest ever quarterly operating profit, while gains from stock holdings helped the conglomerate led by billionaire Warren Buffett swing to a nearly $36 billion overall profit.
Profit also fell at one of Berkshire's largest businesses, the BNSF railroad, with a 24% decline reflecting lower shipments of consumer goods, price competition from truckers, and higher pay for employees.During the second quarter it sold $8 billion more stocks than it bought and repurchased less of its own stock, and it ended June with a near-record $147.4 billion of cash.
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. Operating results reflected recent purchases of Alleghany , whose businesses include various insurers and the toy company that makes Squishmallows, and the Pilot truck stop operator, which added $114 million of profit.
"They're not loving valuations," said Cathy Seifert, a CFRA Research analyst with a"hold" rating on Berkshire. Overall profit from Berkshire Hathaway Energy, where Berkshire has a 92% stake, was little changed at $785 million.
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