Berkshire Hathaway reported second-quarter operating earnings of $11.16 billion, a 4% decline from a year earlier, as slower insurance underwriting offset gains at its railroad, energy and manufacturing units. Net profit fell 59% to $12.4 billion on revenue of $92.5 billion, reflecting the volatility of the company’s equity portfolio and softer demand across several consumer businesses. The conglomerate booked a $3.8 billion impairment on its long-held stake in Kraft Heinz, one of the largest writedowns Berkshire has taken on the 2015 consumer-goods investment. The charge contributed to the earnings drop and underscored ongoing challenges at the packaged-food maker, which is exploring strategic changes amid shifting consumer preferences. Berkshire’s cash and short-term investments slipped to $344.1 billion from a record $347.7 billion three months earlier, yet remain well above historical levels. The company did not repurchase any of its own stock during the quarter or in the first three weeks of July, leaving 1,438,223 Class A equivalent shares outstanding. Management warned that President Donald Trump’s 145% tariff on Chinese goods, which took effect in April, could weigh on most of its operating units and equity holdings in the months ahead.