AMERCO Reports Third Quarter Fiscal 2017 Financial Results
February 8, 2017 Download
RENO, Nev. (February 8, 2017)--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 third quarter ended December 31, 2016, of $65.2 million, or $3.33 per share, compared with net earnings of $81.8 million, or $4.17 per share, for the same period last year.
For the nine-month period ended December 31, 2016, net earnings available to shareholders were $388.9 million, or $19.85 per share, compared with net earnings of $436.4 million, or $22.27 per share, for the same period last year. Included in the results for the nine-month period ended December 31, 2016, was an after tax benefit of $0.79 per share associated with our settlement of the PEI litigation that resulted in a reduction in operating expenses of $24.6 million. Excluding this after tax benefit, adjusted earnings were $19.06 per share for the nine-month period ended December 31, 2016.
"Revenue gains in our core rental business were driven by transaction growth," stated Joe Shoen, chairman of AMERCO. “I am greatly encouraged by the Trump administration and since the inauguration have committed to 3,000 additional built-in-America Ford trucks. I expect growth to accelerate and I want U-Haul ready to serve customers moving to a new job or improved living arrangements.”