Berkshire Hathaway, billionaire Warren Buffett's investment vehicle, reported a 70 percent jump in first-quarter earnings on strong performance from its investments and insurance businesses.

Berkshire's net earnings were $2.3 billion, or $1,501 a share, for the three months ended March 31, compared with last year's $1.4 billion, or $886 a share, according to Berkshire's filing with the Securities and Exchange Commission released late Friday afternoon.

Most of that gain came from the sale of some investments, but Berkshire also made money on its bet the dollar would fall. Before taxes, Berkshire made $151 million on its short position on the U.S. currency; last year, the company lost $307 million on that investment.

Berkshire's insurance companies, which include auto insurer Geico and reinsurance giant General Re, also reported earnings of $1.03 billion, up from $873 million last year. Those figures include earnings on both underwriting and investments the insurance companies made.

During the quarter, Berkshire completed acquisitions of the utility PacifiCorp and press-release distributor Business Wire. Those deals helped boost revenue to $23.9 billion in the quarter, up from $20.5 billion a year ago.

PacifiCorp and higher electricity sales helped Berkshire's utility businesses earn $233 million during the first quarter, up 65 percent from $141 million last year.

More than 20,000 people are expected to attend Berkshire's annual shareholder meeting in Omaha today, when Buffett and Vice Chairman Charlie Munger will field questions from the crowd for nearly six hours.

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