Berkshire swings to profit, operating profit up

OMAHA, Nebraska (Reuters) – Warren Buffett on Saturday said his Berkshire Hathaway Inc (BRKa.N) (BRKa.N) (BRKb.N) swung to a first-quarter profit, and said operating earnings improved as the company benefited from a recovering economy.

Preliminary net income for the Omaha, Nebraska-based insurance company was $3.63 billion, compared with a $1.53 billion loss a year earlier. Operating profit rose 30 percent to $2.22 billion from $1.71 billion a year earlier, he said.

Results were released at Berkshire’s annual meeting.