OMAHA, Neb. (AP) — Berkshire Hathaway Inc. reported a $1.1 billion first-quarter loss as new accounting rules forced it to change the way it accounts for the value of its investments.
Warren Buffett’s conglomerate reported the loss of 46 cents per Class B share on Saturday shortly before its annual meeting in Omaha, Nebraska. A year ago, Berkshire reported $4.06 billion in net income, or $1.65 per Class B share.

Buffett has long said Berkshire’s operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely.
By that measure, Berkshire reported operating earnings of $5.3 billion, or about $2.14 per Class B share. That’s up from $3.6 billion, or about $1.78 per B share, a year ago.

Analysts surveyed by FactSet expected operating earnings of $2.08.