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NetJets, FlightSafety Soaring at Berkshire Hathaway
By: Chad Trautvetter
Caption: Third-quarter pre-tax earnings at Berkshire Hathaway’s “other services” division, which includes FlightSafety International and NetJets
Word Count: 147
Third-quarter pre-tax earnings at Berkshire Hathaway’s “other services” division, which includes FlightSafety International and NetJets, climbed 15 percent, to $281 million, from a year ago thanks to stronger demand for pilot training at FlightSafety and higher revenues at fractional provider NetJets. This division posted revenues of $1.914 billion in the quarter, up 6 percent from the same period last year. NetJets’ earnings increased $54 million in the third quarter but declined $11 million for the first nine months versus the corresponding periods last year, parent company Berkshire said. More favorable foreign currency exchange rates, higher revenues and “slightly better operating margins” helped the fractional provider’s finances, though impairment charges related to the planned disposition of aircraft and aircraft order cancellation fees offset some of those gains. Meanwhile, Berkshire said, “FlightSafety’s earnings in the 2011 periods exceeded 2010 due primarily to increased training demand in business aviation and regional airline markets.”