OMAHA, Nebraska/NEW YORK, May 3 (Reuters) - Warren

Buffett's Berkshire Hathaway ( BRK/A ) on Saturday posted a lower

operating profit in the first quarter, dented by insurance

losses from wildfires and foreign currency changes, while its

cash stake grew to a record $347.7 billion.

Operating profit for the Omaha, Nebraska-based

conglomerate dropped 14% to $9.64 billion, or about $6,703 per

Class A share, from $11.22 billion a year earlier.

Net income was down 64% to $4.6 billion, or $3,200 per

Class A share, from $12.7 billion, reflecting unrealized losses

on common stock holdings including Apple ( AAPL ).

The cash stake grew from $334.2 billion at year-end,

reflecting Berkshire's difficulty finding things to buy.

It repurchased none of its own stock for a third

straight quarter, and was a net seller of stocks for a 10th

straight quarter, buying $3.18 billion and selling $4.68

billion.

Berkshire said little about how U.S. President Donald

Trump's tariff policies affected results.

It said in its quarterly report that "considerable

uncertainty remains," and Berkshire was "unable to reliably

predict" the potential impact on the company, including as to

product costs, supply chain costs and customer demand.

Results included $1.1 billion of losses on insurance

claims stemming from the Los Angeles-area wildfires in January.

That caused overall net income from insurance to fall by

nearly half, to $1.34 billion.

The wildfire losses offset continued improvement at the

Geico car insurer, as increased premiums and reduced accident

claims helped push pre-tax underwriting profit up 13%.

Results also included $713 million of currency-related

losses as the U.S. dollar weakened, compared with a $597 million

gain a year earlier.

The results were released ahead of Berkshire's annual

shareholder meeting in Omaha, part of a weekend that draws tens

of thousands of people to the city.

Buffett, 94, has led Berkshire for 60 years,

transforming it from a struggling textile company into a

conglomerate whose businesses include Geico, the BNSF railroad,

Berkshire Hathaway Energy, Dairy Queen and See's Candies.

Berkshire shares have far outperformed the broader

market in 2025, with many investors viewing the company as a

safe haven from potential disruptions to the economy, including

from tariffs.

In other businesses, tariffs may have temporarily helped

the BNSF railroad, where profit rose 6%.

BNSF reported higher volumes for consumer products,

including west coast imports and automotive vehicles, which

suggests higher demand for shipments before tariffs kicked in.

Berkshire Hathaway Energy also fared better, increasing

profit 53% through broad-based gains and a lower loss at the

HomeServices real estate brokerage unit.

Profit fell 1% at Berkshire's manufacturing, service and

retailing businesses.

Berkshire's collection of car dealerships benefited from

higher sales of new and use vehicles.

But home furnishings and other retailing businesses

struggled with what Berkshire called "increased competition,

sluggish demand and impacts of higher economic uncertainty."