Berkshire Hathaway Inc on Saturday said its quarterly operating profit rose more than analysts had expected, as growth in several business lines offset the drag from trade tensions and tariffs and billionaire Warren Buffett's inability to deploy the conglomerate's cash.

Berkshire benefited as resilience in consumer spending helped cause U.S. economic growth to slow less than expected, offsetting a contraction in business investment. 

But rising stock prices are still impeding Buffett's efforts to find places to invest. 

Berkshire ended September with a record 128.2 billion U.S. dollars of cash, despite repurchasing 700 million U.S. dollars of stock in the quarter. 

Buffett has gone nearly four years since making a major acquisition for Berkshire, whose stock price has lagged the broader market by the most since 2009. 

"There is a growing frustration among investors that the cash hoard is not being effectively deployed," Cathy Seifert, an equity analyst at CFRA Research in New York, said after Berkshire released its results. "The flip side is that Berkshire's stock tends to do well when the economy softens.” 

Seifert also said Berkshire's sprawl means results will often mirror macroeconomic trends. "It's not surprising that tariffs had a negative impact on its consumer and industrial businesses," she said. Seifert rates Berkshire "hold." 

Berkshire said third-quarter operating income rose 14 percent to 7.86 billion U.S. dollars, or roughly 4,816 per Class A share, from 6.88 billion U.S. dollars, or roughly 4,189 U.S. dollars per share, a year earlier. 

Analysts on average expected operating profit of 4,405.16 U.S. dollars per share, according to Refinitiv IBES. 

Net income fell 11 percent to 16.52 billion U.S. dollars, or 10,119 U.S. dollars per Class A share, from 18.54 billion U.S. dollars, or 11,280 U.S. dollars per share, reflecting fewer gains from Berkshire's investments. 

A U.S. accounting rule requires earnings to reflect unrealized gains, including on Berkshire's respective 57 billion and 27.8 billion U.S. dollars stakes in Apple Inc and Bank of America Corp. Buffett said the resulting volatility can mislead investors. 

Berkshire is based in Omaha, Nebraska, and operates more than 90 businesses including the Geico auto insurer, BNSF railroad, Dairy Queen ice cream, Fruit of the Loom underwear, and its namesake energy company and real estate brokerage. 

Class A shares of Berkshire closed Friday at 323,400 U.S. dollars, up 5.7 percent in 2019, lagging the 22.3 percent gain in the Standard & Poor's 500. Class B shares closed at 215.83 U.S. dollars, also up 5.7 percent.