AMERCO Reports Second Quarter Fiscal 2021 Financial Results
November 4, 2020 Download
RENO, Nev. (November 4, 2020)--AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for its second quarter ended September 30, 2020, of $266.4 million, or $13.58 per share, compared with net earnings of $156.3 million, or $7.97 per share, for the same period last year.
For the six-month period ended September 30, 2020, net earnings available to shareholders were $354.1 million, or $18.06 per share, compared with net earnings of $288.7 million, or $14.73 per share, for the same period last year.
“We drastically cut rental equipment additions in March as OEM plants closed and we prepared for the worst. Likewise, we cut real estate acquisition and development investment. It will take about two years to normalize rental equipment investment, probably longer on real estate investment,” stated Joe Shoen, chairman of AMERCO. “In both self-storage and self-move, we are in very competitive markets. This remains a close game. We are committed to winning. Over the last 7 months, we have simply outworked our peer group. No one knows what next year will bring.”