(RTTNews) - Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRK.B) said Friday after the markets closed that its third quarter profit tripled from last year, helped mainly by huge derivative gains and higher income from insurance underwriting. The company's operating earnings per share also came in above analysts' expectations.

The Omaha, Nebraska-based company reported net earnings for the third quarter of $3.24 billion or $2087 per Class A share, compared to $1.06 billion or $682 per share Class A share for the year-ago quarter.

Berkshire had $1.18 billion of net gains from investments and derivatives in the third quarter, compared to loss of $1.01 billion in the prior year's third quarter. Derivative gains totaled $1.13 billion in the third quarter, compared to loss of $819 million in the third quarter of last year.

Excluding investment and derivative gains and losses, operating earnings for the third quarter were $2.06 billion or $1325 per Class A share, compared to $2.07 billion or $1335 per Class A share in the prior year quarter.

On average, 4 analysts polled by Thomson Reuters expected the company to earn $1308.25 per Class A share for the third quarter. Analysts' estimates typically exclude special items.

Total revenue for the third quarter increased 7% to $29.90 billion from $27.93 billion in the same quarter last year.

Insurance underwriting generated operating earnings of $363 million in the third quarter quarter, up from $81 million in the same quarter last year.

Insurance investment income for the quarter rose 21% to $976 million from $809 million a year ago.

Operating earnings from the company's non-insurance businesses fell 29% to $774 million in the third quarter from $1.08 billion last year.

During the third quarter, the company's book value increased 15.2% from the year-end and 10.1% from the last quarter to $81,247 per Class A share.

For the first nine months of the year, the company reported net earnings of $5.00 billion or $3223 per Class A share, compared to $4.88 billion or $3149 per Class A share for the same period last year.

Excluding investment and derivative gains and losses, operating earnings for the nine-month period were $5.54 billion or $3572 per Class A share, compared to $6.27 billion or $4048 per Class A share in the prior year period.

Revenue for the first-half fell to $82.30 billion from $83.19 billion in the year earlier period.

Berkshire Hathaway is a holding company owning subsidiaries that engage in a number of diverse business activities including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, services and retailing.

The company has over 70 units with businesses as varied as insurance, restaurants, furniture, clothing, candy companies, natural gas and corporate jet leasing.

Berkshire also holds significant stakes in many top-notch companies such as Coca-Cola Co. (KO), Wells Fargo & Co. (WFC), Kraft Foods Inc. (KFT), Washington Post Co. (WPO), American Express Co. (AEP) and Johnson & Johnson (JNJ) among others. Berkshire is the largest shareholder of Wells Fargo, American Express and Coca-Cola.

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