Berkshire's Operating Earnings Rose $1.8 Billion Last Quarter. A Currency Swing Was $1.2 Billion of It.

Berkshire Hathaway reported 16% year-over-year operating earnings growth to $12.98 billion in Q2, but approximately $1.2 billion of the $1.8 billion increase came from currency fluctuations on foreign-denominated debt rather than operational performance. Stripping out the currency effect reveals underlying operating earnings growth of only about 5%, with manufacturing performing strongly while insurance underwriting weakened.