May 30, 2018 Download
Reno, Nev. (May 30, 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 the year ended March 31, 2018, were $790.6 million, or $40.36 per share, compared with $398.4 million, or $20.34 per share for the same period last year. Included in the results for the year ended March 31, 2018, was a $18.16 per share, or $355.7 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 $14.86 per share for the year ended March 31, 2018. 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, 2018, the Company reported net earnings available to shareholders of $10.8 million, or $0.56 per share compared with net earnings of $9.5 million, or $0.49 per share for the same period last year. Included in the results for the quarter ended March 31, 2018, was a $0.84 per share, or $16.5 million benefit resulting from the Tax Reform Act, excluding this, adjusted losses were ($0.28) per share for the quarter ended March 31, 2018.
“Customer demand for our self-moving and self-storage products remains steady,” stated Joe Shoen, chairman of AMERCO. “We made progress in managing the sale of our pickups and cargo vans during the quarter but more work remains. We continue to invest in self-storage, the rental fleet and technology for the long-term.”
5555 Kietzke Lane
Reno, Nevada 89511
Director of I.R.
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.
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