AMERCO Reports Fiscal 2017 Financial Results
May 24, 2017 Download
RENO, Nev. (May 24, 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 the year ended March 31, 2017, were $398.4 million, or $20.34 per share, compared with $489.0 million, or $24.95 per share for the same period last year. Included in the results for the year ended March 31, 2017, 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 $19.55 per share for the year ended March 31, 2017.
For the quarter ended March 31, 2017, the Company reported net earnings available to shareholders of $9.5 million, or $0.49 per share compared with net earnings of $52.6 million, or $2.68 per share for the same period last year.
“Increased truck depreciation and reduction in gain on sale of trucks are big drivers of the earnings drop for the year,” stated Joe Shoen, chairman of AMERCO. “U-Haul Truck Share 24/7 has launched and completed transactions at 3,457 locations. The implications of this are all good for the truck rental business. We continue to focus on self-storage and the opportunity in our unrented inventory.”