AMERCO Reports Third Quarter Fiscal 2019 Financial Results

February 6, 2019 Download

RENO, Nev. (February 6, 2019) -- 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, 2018, of $78.6 million, or $4.01 per share, compared with net earnings of $528.9 million, or $27.00 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 Cuts and Jobs 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. These adjustments to our net earnings and earnings per share provide a reconciliation for comparison of our financial performance for the periods presented.

For the nine-month period ended December 31, 2018, net earnings available to shareholders were $370.0 million, or $18.89 per share, compared with net earnings of $779.7 million, or $39.81 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 Cuts and Jobs 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.

“Cutting through all of the unique financial events from the third quarter of last fiscal year, we have made progress towards improving profitability,” stated Joe Shoen, chairman of AMERCO. “I believe that we can do better. Discretionary personnel bonus amounts that were recognized in the second quarter last year have yet to be determined. Fleet repair and maintenance is still not where I want it.”