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Supply chain problems crimp profit at Buffett’s Berkshire Hathaway; cash sets record
(Reuters) -Warren Buffett’s Berkshire Hathaway Inc said on Saturday that global supply chain disruptions kept a lid on its ability to generate profit, while rising equity prices caused it to sell some stocks and boost its cash hoard to a record. Operating profit rose 18% but missed analyst forecasts, as a resurgence in COVID-19 cases fueled by the Delta variant of the coronavirus caused goods shortages and crimped consumer spending, while damage from Hurricane Ida and European flooding boosted underwriting losses at the Geico car insurer and other insurance units. Net income, meanwhile, fell 66%, reflecting lower gains from stock holdings such as Apple Inc and Bank of America Corp.