AMERCO Reports First Quarter Fiscal 2018 Financial Results

RENO, Nev., Aug. 9, 2017 /PRNewswire/ -- 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 first quarter ended June 30, 2017, of $126.2 million, or $6.44 per share, compared with net earnings of $147.2 million, or $7.51 per share, for the same period last year. 

"Our opportunity is to continue to better utilize the investments we've made in our rental fleet and self-storage locations to serve more customers," stated Joe Shoen, chairman of AMERCO. "Our base businesses are solid.  We need to continue to focus on management."

Highlights of First Quarter Fiscal 2018 Results

• Self-moving equipment rental revenues increased $23.5 million, or 3.6% for the first quarter of fiscal 2018 compared with the first quarter of fiscal 2017.  Revenue gains were the result of increases in both one-way and in-town transactions. Compared with the same period last year, we increased the number of trucks, trailers and towing devices in the rental fleet. Additionally, we continue with the expansion of our independent dealer network as well as Company-owned locations. 
• Self-storage revenues increased $9.0 million, or 13.3% for the first quarter of fiscal 2018 compared with the first quarter of fiscal 2017. The average monthly amount of occupied square feet increased by 8.1% during the first quarter of fiscal 2018 compared with the same period last year.  The growth in revenues and square feet rented comes from a combination of improved occupancy at existing locations as well as the addition of new facilities to the portfolio. Over the last twelve months, we have added approximately 3.1 million net rentable square feet to the self-storage portfolio with approximately 0.7 million of that coming on during the first quarter.
• Depreciation, net of gains and losses on disposals increased $31.3 million due to increased costs of acquisition and lower relative sales values compared to the same period last year.
• For the first quarter of fiscal 2018 compared with the first quarter of fiscal 2017 gross truck and trailer capital expenditures were approximately $396 million compared with approximately $419 million.  Proceeds from sales of rental equipment were $140 million compared with $146 million and spending on real estate related acquisitions and projects were approximately $143 million compared with $124 million, respectively.
• Operating earnings at our Moving and Storage operating segment decreased $28.0 million compared with the same period last year with depreciation, net accounting for $31.3 million of the decrease. Total revenues climbed $36.7 million and total costs and expenses increased $64.7 million.
• Cash and credit availability at the Moving and Storage segment was $825.8 million at June 30, 2017 compared with $804.7 million at March 31, 2017.
• On July 5, 2017, the Board declared a cash dividend on our Common Stock of $1.00 per share to holders of record on July 20, 2017. The dividend was paid on August 3, 2017.
• We are holding our 11^th Annual Virtual Analyst and Investor meeting on Thursday, August 24, 2017 at 11:00 a.m. Arizona Time (2:00 p.m. Eastern).  This is an opportunity to interact directly with Company representatives through a live video webcast on amerco.com.  A brief presentation by the Company will be followed by a question and answer session.

AMERCO will hold its investor call for the first quarter of fiscal 2018 on Thursday, August 10, 2017, at 8 a.m. Arizona Time (11 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.

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.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to our Form 10-Q for the quarter ended June 30, 2017, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2018 and 2017.

Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2018 and 2017.

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

View original content:http://www.prnewswire.com/news-releases/amerco-reports-first-quarter-fiscal-2018-financial-results-300502260.html

SOURCE AMERCO