Buffett: Berkshire generates more sales since 2007

Source:businessweek.com

Warren Buffett’s Berkshire Hathaway Inc. posted its highest quarterly revenue in three years on the takeover of railroad Burlington Northern Santa Fe and a recovery in sales of diamonds, luxury flights and recreational vehicles.

Revenue in the first three months of the year jumped 41 percent to $32 billion from $22.8 billion in the same period of 2009, Berkshire said May 7 in a filing. Burlington Northern added $2.1 billion, while sales and service revenue contributed $1.2 billion more than in the prior-year period. The revenue total compares with $32.9 billion in the first quarter of 2007, when insurance premiums fueled a 45 percent gain.

The $27 billion acquisition of Burlington Northern in February, the biggest of Buffett’s career, gives Berkshire revenue from freight-hauling that increases as the economy expands. It also provides an additional source of income as Omaha, Nebraska-based Berkshire curbs its insurance coverage amid declining rates.