AMERCO REPORTS FISCAL 2015 FINANCIAL RESULTS

May 27, 2015 Download

RENO, Nev. (May 27, 2015)--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, 2015, were $356.7 million, or $18.21 per share, compared with $342.4 million, or $17.51 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, 2015, the Company reported net earnings available to shareholders of $9.5 million, or $0.47 per share compared with net earnings of $39.2 million, or $2.00 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.

“U-Haul Team members and Dealers have continued to step up and provide increased service to our customers,” stated Joe Shoen, chairman of AMERCO. “Our fleet of U-Haul trucks and trailers is in the most rentable condition I have ever experienced. The combination of the two gave us a year over year increase despite the PEI jury verdict. We continue to benefit from favorable interest rates, fleet increases, storage occupancy increases and a robust truck resale market.”