AMERCO Reports Fiscal 2020 Financial Results

May 27, 2020 Download

RENO, Nev. (May 27, 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 the year ended March 31, 2020, were $442.0 million, or $22.55 per share, compared with $370.9 million, or $18.93 per share for the same period last year. Included in the results for the year ended March 31, 2020, was a $7.45 per share, or $146.0 million tax benefit resulting from the CARES Act. Excluding this item, adjusted earnings were $15.10 per share for the year ended March 31, 2020. This adjustment to our net earnings and earnings per share provides a reconciliation for comparison of our financial performance for the periods presented.

For the quarter ended March 31, 2020, the Company reported net earnings available to shareholders of $122.4 million, or $6.24 per share compared with net earnings of $0.8 million, or $0.04 per share for the same period last year. Included in the results for the quarter ended March 31, 2020, was a $7.45 per share, or $146.0 million tax benefit resulting from the CARES Act, excluding this, adjusted losses were ($1.21) per share for the quarter ended March 31, 2020.

“As a critical essential business, U-Haul has continued to serve customers throughout the COVID-19 pandemic,” stated Joe Shoen, chairman of AMERCO. “We had a good year filling storage units and are poised to improve our equipment rental business once we clear the COVID-19 hurdle. I am proud of how our team has responded during this time.”