Berkshire Hathaway 1Q profit falls 58%

OMAHA, Neb. - Berkshire Hathaway's first-quarter profits fell 58 percent because of an estimated $1.7 billion in pretax insurance losses from the Japanese tsunami and other disasters.

Berkshire won't release its full earnings report until next Friday, but CEO Warren Buffett offered a preview at Saturday's annual shareholders meeting.

Buffett says he estimates that Berkshire will report $1.5 billion net income in the quarter.

That's down from $3.6 billion the year before. Buffett did not offer earnings per share figures.

Buffett said the biggest factor in the drop in earnings was the losses related to the damage from the Japanese earthquake and tsunami, the Australian flooding and the New Zealand earthquake.

Reinsurance companies, like Berkshire's General Re and National Indemnity, sell backup insurance to primary insurers so the industry can cover big losses.