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Procter & Gamble

Buffett's firm doubles its 3Q profit on Kraft Heinz merger

Berkshire Hathaway Inc.'s third-quarter profit more than doubled as the completion of the Kraft-Heinz merger boosted the paper value of its stake in the food giant.

The conglomerate Warren Buffett leads said Friday it earned $9.4 billion, or $5,737 per Class A share. That's up from $4.6 billion, or $2,811 per share, in last year's third quarter.

Berkshire's revenue grew 15 percent to nearly $59 billion. Several of its non-insurance businesses, such as BNSF railroad, performed well, but the results across its nearly 90 companies were mixed.

Berkshire holds about 27 percent of the stock in the Kraft Heinz Food Co., and it recorded a $4.4 billion after-tax gain as the...