Warren Buffett said a dispute between Kraft Heinz and its auditor prevented Berkshire from reflecting the food company’s performance in its earnings report. 'There’s something going on,' he said.
Warren Buffett said a dispute between Kraft Heinz and its auditor prevented Berkshire Hathaway from reflecting the food company’s performance in its first-quarter earnings report.According to reports, Buffett told a group of reporters ahead of the question-and-answer session Saturday at Berkshire’s annual meeting in Omaha, Neb., that Kraft Heinz Co.’s KHC, +1.24% auditor, PricewaterhouseCoopers, hadn’t signed off on the company’s 10-K filing.
Berkshire Hathaway BRK.A, +1.10% BRK.B, +1.24% is the largest shareholder in Kraft Heinz, with a 27% stake. Berkshire excluded its share of Kraft earnings from its first-quarter release. Write-downs related to Kraft Heinz investment weighed on Berkshire’s fourth-quarter performance.
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