Edward Jones

Buffett's firm's 3Q profit drops 24 pct on investments value

Berkshire Hathaway Inc. reported a 24 percent drop in third-quarter profit on Friday because last year's results were helped by a huge paper gain on the value of its Kraft Heinz Food Co. stake.

The conglomerate billionaire Warren Buffett leads posted solid results at most of the more than 90 companies it owns, posting net income of $7.2 billion, or $4,379 per Class A share, in the quarter. That's down from $9.43 billion, or $5,737 per A share, a year ago when it recorded a $4.4 billion after-tax gain from the merger of Kraft and Heinz.

Buffett says operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary...