Warren Buffett’s firm reports $12B profit before its meeting

OMAHA, Neb. (AP) — Warren Buffett’s company reported a nearly $12 billion profit in the first quarter a year after a major loss when the value of its stock investments plummeted because of the coronavirus pandemic. The conglomerate said that besides the investment gains, profit also improved at all its major divisions — including insurance, utility, railroad, manufacturing and retail companies — as the economy continued to recover from the pandemic during the quarter. Berkshire also continued its streak of major stock repurchases by investing $6.6 billion in its own stock. Later on Saturday, Buffett will spend several hours answering questions at Berkshire’s annual meeting.