AMERCO Reports Third Quarter Fiscal 2020 Financial Results

February 5, 2020 Download

RENO, Nev. (February 5, 2020) -- 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, 2019, of $30.9 million, or $1.58 per share, compared with net earnings of $78.6 million, or $4.01 per share, for the same period last year.

For the nine-month period ended December 31, 2019, net earnings available to shareholders were $319.7 million, or $16.31 per share, compared with net earnings of $370.0 million, or $18.89 per share, for the same period last year.

“We maintained our expected rate of renting new storage rooms while continuing our strategy of releasing new self-storage product in markets underserved by U-Haul,” stated Joe Shoen, chairman of AMERCO. “As I cautioned in November, I expected our business with last mile delivery companies might be flat or down. We saw a decline in this segment of the business during the quarter. Business with our core residential moving customers improved, but as I indicated last quarter, there is room for more progress.”