Vintage Trailer

AMERCO Reports Third Quarter Fiscal 2018 Financial Results

February 7, 2018 Download

RENO, Nev. (February 7, 2018)--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, 2017, of $528.9 million, or $27.00 per share, compared with net earnings of $65.2 million, or $3.33 per share, for the same period last year. Included in the results for the quarter ended December 31, 2017 was a $17.32 per share, or $339.2 million benefit resulting from the Tax Reform Act and an additional after-tax benefit of $7.34 per share or $143.8 million resulting from the sale of a portion of our Chelsea, NY property. Excluding these items, adjusted earnings were $2.34 per share for the quarter ended December 31, 2017.

For the nine-month period ended December 31, 2017, net earnings available to shareholders were $779.7 million, or $39.81 per share, compared with net earnings of $388.9 million, or $19.85 per share, for the same period last year. Included in the results for the nine-month period ended December 31, 2017, was a $17.32 per share, or $339.2 million benefit resulting from the Tax Reform Act and an additional after-tax benefit of $7.34 per share or $143.8 million resulting from the sale of a portion of our Chelsea, NY property. Excluding these items, adjusted earnings were $15.15 per share for the nine-month period ended December 31, 2017. 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.

“Tax reform is a real benefit. While accounting rules required us to recognize a large book gain in the quarter, significant cash flow benefits will accrue to us over time,” stated Joe Shoen, chairman of AMERCO. “We have already been investing savings from bonus tax depreciation back into increased rental equipment. The new depreciation rules will allow us to accelerate investments in the future. The tax rate changes allow U-Haul to invest still more in our people and in facility and equipment upgrades. I was pleased with the growth in both equipment and self-storage revenues. We are still challenged to better manage the sales of our pickups and cargo vans.”


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 2018 AMERCO | 2.1.1 Release