Warren Buffett's company reported just over one-third of last year's profit on Saturday morning, just as thousands of Berkshire Hathaway shareholders streamed into an Omaha arena to listen to the revered investor answer questions.

The profit numbers were weighed down by a major drop in the value of its investments and US$860 million in insurance losses related to policies that its insurance companies wrote before the devastating Southern California wildfires.

Berkshire said it earned US$4.6 billion, or US$3,200 per Class A share, in the first quarter. That's down from US$12.7 billion, or US$8,825 per Class A share, last year.

But Buffett has long recommended that investors pay more attention to Berkshire’s operating earnings because those exclude the value of its investments, which can vary widely from quarter to quarter. Berkshire must include the value of its investments in its bottom line numbers, even though it hasn’t sold most of them.

By that measure, Berkshire's earnings were still down 14 percent, at US$9.6 billion, or US$6,703.41 per A share. Last year, the conglomerate reported operating earnings of US$11.2 billion, or US$7,796.47 per Class A share.

The analysts surveyed by FactSet Research predicted Berkshire would report operating earnings of US$7,076.90 per Class A share.

But Buffett's comments will be the main attraction on Saturday. Investors will be looking for him to explain why Berkshire is now sitting on US$347.7 billion in cash as of the end of the first quarter, up from US$334.2 billion at the end of the year.

The growing cash pile is a reminder that Buffett hasn't found any investments at attractive prices lately, but the report doesn't show whether he bought anything in April when the market dropped after US President Donald Trump's tariff announcement. (AP)