AMERCO, the parent company of U-Haul International Inc., reported financial results for the quarter ended Sept. 30, the second quarter of its 2014 fiscal year. Self-storage revenue increased $7.6 million, nearly 20 percent, year over year to $45.6 million. Average monthly occupancy was 85 percent during the quarter, up from 83.3 percent for the same period last year. U-Haul has added approximately 2.2 million net rentable square feet to its self-storage portfolio during the last 12 months.
Companywide, AMERCO reported net earnings available to common shareholders of $138 million, $7.06 per share, compared to $109.4 million, $5.61 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," said Joe Shoen, chairman of AMERCO.
Operating earnings at the company’s moving-and-storage segment increased $38.3 million in the quarter compared with the same period last year. Total revenue climbed $96.6 million but was partially offset by a $58.3 million increase in total costs and expenses.
AMERCO is the parent company of U-Haul International, Oxford Life Insurance Co., Repwest Insurance Co. and Amerco Real Estate Co. Established in 1945, U-Haul has 36 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.