Berkshire Hathaway earnings beats Street estimates

Warren Buffett

Warren Buffett's Berkshire Hathaway posted third-quarter earnings of $2,876 per share, topping estimates for $2,594 per share, on Friday.

The company said operating earnings rose to $4.72 billion, up 29 percent from a year ago, while net income fell nearly 9 percent in the same period, to $4.62 billion.

Book value came in at $144,542 per share for the quarter, so don't look for any Berkshire stock buybacks anytime soon.

Buffett has said he could repurchase shares if their price fell to 1.2 times book value, a measurement of a company's net asset value. That means the stock would have to fall almost 24 percent, to $173,450 per share, to potentially spark a buyback.

The diversified holding company agreed to acquire auto dealership Van Tuyl Group in October.

IBM and Coke , two of Berkshire Hathaway's three biggest investments, cost CEO Warren Buffett $2.52 billion when the two companies fell short of earnings expectations in late October. Berkshire Hathaway cut its stake in Tesco shares to less than three percent . Buffett told CNBC that buying into the British grocer was a "huge mistake."

-CNBC's Hailey Lee and Alex Crippen contributed to this report.

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