Berkshire Profits Tumble

It's Benzinga, bringing Wall Street to Main Street. Berkshire Hathaway reported a 28% decline in third quarter net income to $22.11 billion as investment gains slumped and insurance profits fell, according to the Wall Street Journal. The conglomerate continued using its cash reserves to repurchase shares during the quarter after Warren Buffett stepped down as chairman. Operating earnings slipped 5.8% to $12.71 billion, with lower insurance underwriting profits weighing on results. Berkshire's railroad, energy, manufacturing, service and retailing businesses reported higher profits. The company repurchased around $9.6 billion of its own shares during the quarter. Its cash and treasury bill holdings fell 2.1% to nearly $357 billion, marking a second consecutive quarterly decline. Berkshire also purchased $2.4 billion in stocks and sold $2.8 billion. The results follow a leadership transition that saw Greg Abel succeed Warren Buffett as CEO in January and Howard Buffett become chairman in September. For all things money, visit Benzinga.com.