AMERCO, parent company of U-Haul International Inc., reported financial results for the first the half of 2010. The company reported net earnings available to common shareholders of $63.3 million, or $3.26 per share, compared with net earnings of $19.5 million, or $1.01 per share, for the same period last year. Highlights include:
- Moving equipment rental revenue increased $46.5 million, or 12.5 percent for the first
quarter compared with the first quarter of 2009. In-town and one-way transactions increased during the quarter.
- Self-storage revenue increased $1.2 million for the first quarter compared with the first quarter of 2009. The average occupancy increased nearly 5 percent compared with the same period last year.
- The company added more than 590,000 net rentable square feet to the portfolio over the last twelve months, including 150,000 net rentable square feet during the quarter.
“Programs implemented over the past 18 months have provided the momentum for increased transaction levels during the first quarter,” said Joe Shoen, chairman of AMERCO. “Revenue
growth combined with our continuing cost-control measures are generating improved operating results.”
AMERCO held its investor call for the fiscal year on Aug. 5. A replay of the call can be accessed at Amerco.com.
U-Haul is North America's largest "do-it-yourself" moving and storage operator. AMERCO includes AMERCO Real Estate Co., Republic Western Insurance Co. and Oxford Life Insurance Co.