Clayton Homes in Knoxville, Tenn., reported a higher third-quarter profit on increased sales of its manufactured homes.
Clayton, a unit of Warren Buffett's Berkshire Hathaway, said net income rose 31.1% to $189 million, according to a
Revenue increased primarily due to an 8% rise in home-unit sales for the first nine months of this year. Profit improved because of lower interest expense on borrowings, better results in manufacturing, and "relatively" low delinquency rates and lower loss rates on foreclosures.
About 95% of Clayton's loans were current on payments, as of Sept. 30.
Separately, Leucadia National reported its third-quarter income derived from Berkadia Commercial Mortgage, which originates and services commercial mortgages. Berkadia's income to Leucadia fell 21.5% to $15.7 million, according to a
Berkadia, headquartered in Ambler, Pa., is a joint venture of Berkshire Hathaway and Leucadia. Berkshire Hathaway does not break out its earnings from Berkadia.
