The Omaha-based company delivered relatively flat results made to appear spectacular by the unrealized investment gains. The strength of its insurance businesses like Geico offset weakness in those more tied to the economy, like NetJets and Berkshire's manufacturing businesses.

“I thought it was pretty much as predicted, but still in good, solid shape,” said Andy Kilpatrick, the stockbroker-author of “Of Permanent Value, the Story of Warren Buffett.”

Berkshire said it generated US$3.2 billion, or US$2,087 per share, in net income. That's up significantly from last year's US$1.1 billion, or US$682 per share. The results don't include Berkshire's headline-grabbing US$26.3 billion acquisition of railroad operator Burlington Northern Santa Fe Corp., which was announced on Tuesday.

Most of the swing in Berkshire's earnings is related to an unrealized US$1.1 billion gain on its derivatives, some of which are tied to credit defaults and some of which are tied to equity markets. That compares with an unrealized US$819 million loss on Berkshire's derivatives in last year's third quarter.

Excluding the investment and derivative gains, Berkshire's operating earnings were nearly flat at US$2.06 billion, or US$1,325 per share.