AMERCO Reports Fiscal 2021 Financial Results

May 26, 2021 Download

RENO, Nev. (May 26, 2021)--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, 2021, of $610.9 million, or $31.15 per share, compared with $442.0 million, or $22.55 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, 2021, the Company reported net earnings available to shareholders of $73.8 million, or $3.76 per share compared with net earnings of $122.4 million, or $6.24 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.

“Market disruptions were countered by adapting to new customer needs,” stated Joe Shoen, chairman of AMERCO. “Increased customer demand drove revenues. We fell behind plan in rental equipment and self-storage capital expenditures. Interest rates held. All of this created good ‘results.’ The entire team worked together to achieve this result. As always, the best measurement period is more than a year.”