Berkshire preliminary first-quarter operating profit falls

>

Quarterly operating profit for the Omaha, Nebraska-based insurance and investment conglomerate probably fell to $3.73 billion from $4.24 billion.

Net income probably rose to $5.59 billion from $5.16 billion, helped by a gain from the swap of Procter & Gamble Co (PG.N) stock for the Duracell battery business.

Buffett said insurance underwriting suffered from hailstorm claims. Railroads have been hurt by declining oil shipments.

Buffett disclosed the results at Berkshire's annual meeting. Final results are due on May 6.

(Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Nick Zieminski)