Berkshire Operating Profit Falls 6% as Buybacks Return

Berkshire Hathaway's operating earnings dropped to $12.7 billion in the third quarter, down from $13.5 billion a year earlier, as insurance underwriting income nearly halved to $1.35 billion. Net earnings fell 28% to $22.1 billion on smaller investment gains. The conglomerate resumed share buybacks, spending $9.6 billion in the quarter, most of its $14.4 billion total for the first nine months of the year. $BRK-B put its idle cash back to work.