AMERCO Reports Second Quarter Fiscal 2014 Financial Results

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    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 common shareholders for its second quarter ended September 30, 2013, of $138 million, or $7.06 per share, compared with net earnings of $109.4 million, or $5.61 per share, for the same period last year.

    For the six-month period ended September 30, 2013, net earnings available to common shareholders were $251 million, or $12.84 per share compared with net earnings of $190 million, or $9.74 per share, for the same period last year.

    “Our efforts to improve convenience for our customers through the addition of new company operated locations and independent dealers along with an expanded fleet of trucks and trailers has resulted in continued revenue growth,” stated Joe Shoen, chairman of AMERCO.

    Highlights of Second Quarter Fiscal 2014 Results

    • Self-moving equipment rental revenues increased $60.6 million or 11% during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013 on continued growth in moving transactions. Continued expansion of the rental fleet, incremental improvements in utilization and additional retail locations are enabling us to serve more customers.
    • Self-storage revenues increased $7.6 million during the second quarter of fiscal 2014, compared with the second quarter of fiscal 2013. We are increasing both the number of rooms rented through acquisitions and by improving occupancy at existing locations. Over the last twelve months we have added approximately 2.2 million net rentable square feet to our owned self-storage portfolio.
    • Operating earnings at our Moving and Storage operating segment increased $38.3 million in the second quarter of fiscal 2014 compared with the same period last year. Total revenues climbed $96.6 million while being partially offset by a $58.3 million increase in total costs and expenses. The expense increases included personnel, rental equipment maintenance, operating costs associated with the U-Box program, equipment depreciation and commissions on rental equipment transactions.
    • For the first six months of fiscal 2014 compared with the first six months of fiscal 2013 gross truck and trailer capital expenditures were approximately $383 million compared with approximately $331 million, proceeds from sales of rental equipment were $167 million compared with $131 million and spending on real estate related acquisitions and projects increased approximately $84 million to $155 million.
    • Cash and credit availability at the Moving and Storage operating segment was $712.7 million at September 30, 2013 compared with $543.6 million at March 31, 2013. Subsequent to the quarter end, we entered into two new real estate loans totaling $150 million.

    AMERCO will hold its investor call for the second quarter of fiscal 2014 on Thursday, November 7, 2013, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at www.amerco.com. To hear a simulcast of the call, or a replay, visit www.amerco.com.

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    About AMERCO

    AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

    (via PRNewswire)

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