The Buffetteers are back. More than 25,000 Berkshire Hathaway shareholders are expected to attend Saturday's annual meeting at the Qwest Center.

The crowds come to see Berkshire CEO and founder Warren Buffett and vice chairman Charlie Munger, who will spend nearly six hours fielding questions from the crowd.

Among other topics, Berkshire shareholders will look for more details about the company's acquisition plans and its plan to replace the 76-year-old Buffett.

Buffett says he plans to hire one or more investment managers who would become Berkshire's chief investment officer(s) once he is gone. One of Berkshire's current managers will become CEO at that point, and Buffett's job will be split.

Berkshire's holdings include furniture, insurance, jewelry and utilities.

Two groups plan to appeal to billionaire Buffett's sense of right and wrong at this weekend's meeting.

One group is comprised of people concerned about the genocide in the Darfur region of Sudan, Africa. They will make their plea through a shareholder resolution that would require Berkshire to sell its more than $2 billion stake in PetroChina Company.

The other group is representing American Indian tribes and commercial fishermen from California and Oregon. They will make their plea through demonstrations and protests outside of the meeting before pursuing their claim in federal court.

Taking Care of Business
Berkshire reported Friday that its net income jumped 12 percent during the first quarter because of strong performances in its insurance and utility divisions.

Buffett's holding company said it earned $2.6 billion, or $1,682 per Class A share, during the quarter which ended March 31. That's up from $2.3 billion, or $1,501 per share, last year.

Berkshire said its companies and investments generated $32.9 billion in revenue during the quarter, up from $22.8 billion in the same period a year ago.

Berkshire said its insurance businesses collected $13.5 billion in premiums during the quarter, up from $5.5 billion a year ago. That helped the companies, which include Geico auto insurance and General Re reinsurance, record a $601 million underwriting profit during the quarter, up from $330 million in 2006.

But a significant portion of the increase in underwriting profit was related to the arrangement Berkshire reached last fall to take on the liabilities of Equitas Holdings Ltd., the reinsurer set up by Lloyd's of London.

Berkshire received a $7.1 billion premium as part the Equitas deal's closing March 30, and Berkshire estimates that it will have to pay out $9.3 billion to cover claims over the life of the contract, which could span decades.

Berkshire's utility businesses benefited from colder weather in 2007 that drove demand higher and helped the division report a $293 million profit, up from last year's $233 million in the first quarter.

The utility division was also helped by the acquisition of PacifiCorp, which closed during last year's first quarter.

Berkshire's Class A shares are the most expensive U.S. stock, trading above $100,000 a share since last fall. The stock gained $650 Friday to close at $109,250 before Berkshire's earnings report was released

Berkshire said it had $46 billion cash on hand at the end of the quarter, up from $42.9 billion at the end of last year's first quarter. That figure will likely fuel shareholder speculation about major acquisitions the company might make.

The nationwide decline in housing construction did affect some of Berkshire's businesses. The company said earnings for Shaw Industries fell from $155 million in 2006 to $91 million in this year's first quarter because carpet sales fell 12 percent.

NetJets, Berkshire's fractional jet ownership business, reported earning $36 million before taxes in the first quarter, which is significantly better than last year's $19 million quarterly pretax loss.

Buffett touted the private jet service, which will be on display at the annual meeting, in his letter to shareholders by making fun of security rules that limit the liquids allowed on commercial planes.

"Come to Omaha by bus; leave in your new plane. And take all the hair gel that you wish on board with you," Buffett wrote.

Berkshire said it earned less on its investments during this year's first quarter. The company said it gained $382 million on its investment portfolio in this year's quarter, down from the $526 million gain it recorded a year ago.

Berkshire owns more than 60 companies, including insurance, clothing, furniture, jewelry and candy companies, restaurants, natural gas and corporate jet firms and has major investments in such companies as Coca-Cola Co., Anheuser-Busch Cos. and Wells Fargo & Co.