Berkshire Hathaway Earnings: Record Operating Profits, Continued Stock Sales Are Biggest Highlights

As we dig into wide-moat Berkshire Hathaway's first-quarter results, we expect to leave our $640,000 per Class A share and $427 per Class B fair value estimate in place. Operating subsidiary top-line growth of 5.2% (which excludes the impact of investment and derivative gains/losses) was at the top end of our expectations for 3%-5% revenue growth year over year. All the difference was due to a higher revenue contribution from Pilot Travel Centers than we were projecting, more than making up for Berkshire Hathaway Energy's top-line growth falling short of our expectations.