Warren Buffett's firm to release 2Q earnings

OMAHA, Neb. -- Warren Buffett's company will release its second-quarter earnings report Friday afternoon.

Many of Berkshire Hathaway's subsidiaries would benefit from economic improvement, but the Omaha company's insurance profits could be hurt by the aftermath of the Gulf oil spill.

Buffett said earlier this year that the economy was improving based on what he saw in Berkshire's manufacturing and retail businesses. Investors will be looking to see whether that trend continued.

The five analysts surveyed by Thomson Reuters expect earnings per share of $1,360.44 on average.

Even if the economy remains slow, Berkshire's results will be helped by its latest acquisition because the second quarter was the first to include BNSF railroad for the full quarter.