Berkshire Hathaway Inc., the conglomerate controlled by billionaire Warren Buffett, said fourth-quarter profit climbed 32 percent on investments and earnings from the company’s expanding stable of operating businesses.

Net income rose to $5.48 billion, or $3,333 a share, from $4.16 billion, or $2,529, a year earlier, the Omaha, Nebraska-based company said Saturday in a statement. Operating earnings, which exclude some investment results, were $2,843 a share, compared with the average $2,814 estimate of three analysts surveyed by Bloomberg.

The results cap another record year for Buffett, Berkshire’s chairman and chief executive officer. Over the past five decades, he built the company into a sprawling enterprise with a stock portfolio valued at more than $100 billion and interests in insurance, energy, manufacturing, media, retail and transportation.

While Berkshire’s insurance and investment results fluctuate widely, the company owns dozens of businesses that churn out steadier earnings. In recent years, profit from these units — including railroad BNSF and a collection of electric utilities — have become a bigger portion of the company’s bottom line because of Buffett’s relentless dealmaking.

Berkshire bought a network of U.S. car dealerships in 2015 and a motorcycle apparel and accessories retailer in Germany. One of Buffett’s biggest takeovers ever — the $37.2 billion buyout of aerospace manufacturer Precision Castparts Corp. — was completed after the fourth quarter.

Last year highlighted some of the challenges Buffett, 85, faces keeping his money-making machine moving forward. Even as he agreed to buy Precision Castparts and made billions on an investment in the food industry, some of Buffett’s major stock holdings slumped. Berkshire’s own shares ended the year down 12 percent, compared with the 0.7 percent fall in the Standard & Poor’s 500 Index.

Since the start of 2016, however, Berkshire has outperformed. Shares were up 0.2 percent through Friday to $198,191, compared with the 4.7 percent slide in the equity benchmark.