AMERCO Reports Second Quarter Fiscal 2017 Financial Results

November 9, 2016 Download

RENO, Nev. (November 9, 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 its second quarter ended September 30, 2016, of $176.5 million, or $9.01 per share, compared with net earnings of $183.4 million, or $9.36 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, 2016, net earnings available to shareholders were $323.6 million, or $16.52 per share, compared with net earnings of $354.7 million, or $18.10 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.

"This quarter has developed about like we thought it would: Truck transactions were up, income per transaction down,” stated Joe Shoen, chairman of AMERCO. “The truck resale market is supporting lower pricing and is likely to stay that way. We continue to add rental vehicles and self-storage locations."