AMERCO Reports Fiscal 2019 Financial Results

May 29, 2019 Download

Reno, Nev. (May 29, 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 the year ended March 31, 2019, were $370.9 million, or $18.93 per share, compared with $790.6 million, or $40.36 per share for the same period last year. Included in the results for the year ended March 31, 2018, was a $18.16 per share, or $355.7 million benefit resulting from the Tax Reform 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 $14.86 per share for the year ended March 31, 2018.

For the quarter ended March 31, 2019, the Company reported net earnings available to shareholders of $0.8 million, or $0.04 per share compared with net earnings of $10.8 million, or $0.56 per share for the same period last year. Included in the results for the quarter ended March 31, 2018, was a $0.84 per share, or $16.5 million benefit resulting from the Tax Reform Act, excluding this, adjusted losses were ($0.28) per share for the quarter ended March 31, 2018.

“We did a better job of meeting consumer needs for our rental equipment and self-storage products over the course of this fiscal year,” stated Joe Shoen, chairman of AMERCO. “Our pace for filling storage units and our truck sales efforts are improving. We will continue to work to retain the loyalty of our customers and team members.”