Berkshire Set For Record Q3 Profit As Kraft Heinz Merger Offsets Some Investment, Insurance Losses

Warren Buffett's Berkshire Hathaway Co. is expected to report record third-quarter earnings thanks to a one-time accounting gain related to this year's merger of Kraft Heinz Co., in which it remains the biggest shareholder. The windfall may mask weakness in some of the company's many businesses. Berkshire will record a $7 billion gain after Heinz, which Buffett invested in 2013, used shares to buy Kraft, according to reports. Berkshire, which controlled 55 percent of Heinz before the transaction...