(Fortune) -- Berkshire Hathaway expects to report a first-quarter operating profit next week, CEO Warren Buffett said Saturday. However, he added that the firm's net worth continues to decline under the weight of losses from investments and derivatives bets.
At Berkshire's annual meeting Saturday, Buffett said that the firm expects to post an operating profit - excluding investment gains and losses - of $1.7 billion for the quarter, down from $1.9 billion a year ago.
The quarter featured solid gains in Berkshire's utilities and insurance operations and less favorable performances from its more economically sensitive businesses, such as furniture and jewelry stores, he explained.
In recent years Berkshire has typically filed its first-quarter report on the eve of the annual meeting. But Berkshire said this past week that it wouldn't have numbers ready this weekend. Instead, it expects to announce the results the afternoon of Fri., May 8.
The delay gave rise to some speculation about what the first-quarter report would show. Buffett said Saturday that the decision was driven largely by a quirk of the calendar - not by any change in policy.
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Sunday, May 3, 2009
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