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Warren Buffett's Berkshire Hathaway Friday said third quarter net income tripled, as rising stock markets boosted its investment holdings and a quiet hurricane season contributed to higher insurance profit.
Results were announced three days after Buffett revealed the biggest acquisition in his 44 years running Berkshire, a $26 billion takeover of Burlington Northern Santa Fe [ BNI 98.26 
+0.16 (+0.16%) ]. Berkshire had already owned 23 percent of the nation's second-largest railroad operator.
Third-quarter net income for Omaha, Nebraska-based Berkshire rose to $3.24 billion, or $2,087 per Class A share, from $1.06 billion, or $682, a year earlier.
Excluding investments, operating profit fell less than 1 percent to $2.06 billion, or $1,325 per share, from $2.07 billion, or $1,335. On that basis, analysts expected profit of $1,308.25 per share, according to Thomson Reuters I/B/E/S.
Revenue rose 7 percent to $29.9 billion.
Berkshire benefited as rising stock markets boosted the value of its investments in companies such as Coca-Cola [ KO 58.24 +0.76 (+1.32%) ], Goldman Sachs [ GS 172.00 +1.99 (+1.17%) ] and Wells Fargo [ WFC 28.07 +0.20 (+0.72%) ].
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