AMERCO Reports Fiscal 2016 Financial Results

May 25, 2016 Download

RENO, Nev. (May 25, 2016)--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, 2016, were $489.0 million, or $24.95 per share, compared with $356.7 million, or $18.21 per share for the same period last year. Included in the results for the year ended March 31, 2015, was an after-tax expense of $1.96 per share associated with our fourth quarter accrual of $60.7 million for the PEI litigation. Excluding this after-tax expense, adjusted earnings were $20.17 per share for the year ended March 31, 2015.

For the quarter ended March 31, 2016, the Company reported net earnings available to shareholders of $52.6 million, or $2.68 per share compared with net earnings of $9.5 million, or $0.47 per share for the same period last year. Included in the results for the fourth quarter ended March 31, 2015, was an after-tax expense of $1.96 per share associated with our fourth quarter accrual of $60.7 million for the PEI litigation. Excluding this after-tax expense, adjusted earnings were $2.43 per share for the quarter ended March 31, 2015.

“Our team made significant progress over the last year,” stated Joe Shoen, chairman of AMERCO. “The self-moving and storage marketplaces remain very competitive. We continue to invest time and resources today on initiatives that should benefit us in years to come.”