Berkshire won't release its full earnings report until next Friday, but CEO Warren Buffett offered a preview at Saturday's annual shareholders meeting.
Buffett estimates that Berkshire will report $1.5 billion net income in the quarter. That's down from $3.6 billion the year before. Buffett did not offer earnings per share figures.
Buffett said the biggest factor in the drop in earnings was the losses related to the damage from the Japanese earthquake and tsunami, the Australian flooding and the New Zealand earthquake.
Reinsurance companies, like Berkshire's General Re and National Indemnity, sell backup insurance to primary insurers so the industry can cover big losses. For the latest updates PRESS CTR + D or visit Stock Market news Today
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