Vintage Trailer

AMERCO Reports Second Quarter Fiscal 2018 Financial Results

November 8, 2017 Download

RENO, Nev. (November 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 second quarter ended September 30, 2017, of $124.6 million, or $6.36 per share, compared with net earnings of $176.5 million, or $9.01 per share, for the same period last year. Included in the results for the second quarter ended September 30, 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 $8.22 per share for the second quarter ended September 30, 2016.

For the six-month period ended September 30, 2017, net earnings available to shareholders were $250.8 million, or $12.81 per share, compared with net earnings of $323.6 million, or $16.52 per share, for the same period last year. Included in the results for the six-month period ended September 30, 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 $15.73 per share for the six-month period ended September 30, 2016.

“Quarterly results were impacted by $20 million of discretionary bonuses to frontline managers. Operating results were reduced by fewer trucks sold and a higher cost associated with those sold trucks,” stated Joe Shoen, chairman of AMERCO. “Truck sales will take at least six months to get back onto a more regular fleet rotation. Self-move and self-store transactions were within planned ranges. The closing of the Chelsea, NYC property sale occurred in October instead of September.”


Address
5555 Kietzke Lane
Suite 100
Reno, Nevada 89511

Phone
Director of I.R.
Sebastien Reyes
(602) 263-6601

Email
investor_relations@amerco.com

Certain of the statements made on this Web site regarding our business constitute forward-looking statements contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Copyright 2017 AMERCO | 2.1.1 Release