"The Railroad, Utilities and Energy segment's total revenue increased 7.5% year over year to $8.4 billion," reported Berkshire. "Of the total segment's revenue, approximately 63% came from Burlington Northern Santa Fe, the railroad company, which was acquired in February 2010. An increase in industrial and agricultural activity has automatically revived the demand for rail services and this translates into greater consumer demand for the segment. The trend is likely to continue in the coming years as well."

Warren Buffett's giant conglomerate reported third quarter 2012 operating earnings of $1.37 per share, missing the Zacks Consensus estimate by a penny. Earnings also compared favorably with $1.54 in the year-ago quarter.