AMERCO, the parent company of U-Haul International Inc., reported financial results for the quarter ended June 30, the first quarter of its 2015 fiscal year. Self-storage revenue increased $7 million, nearly 17 percent, year over year to $49.1 million. Average monthly occupancy was 82.3 percent during the quarter, up from 80.2 percent for the same period the previous year. U-Haul added more than 470,000 net rentable square feet during the quarter and has gained approximately 1.8 million net rentable square feet during the last 12 months, company officials said in a press release.
Companywide, AMERCO reported net earnings available to common shareholders of $124.5 million, or $6.36 per share, compared to $113 million, or $5.78 per share, for the same period in 2014.
"Our businesses have a lot of moving parts. The experienced, committed U-Haul team continued to do a good job serving customers," said Joe Shoen, chairman of AMERCO.
Operating earnings at the company’s moving-and-storage segment increased $16.7 million in the quarter compared to the previous year. Total revenue climbed $75.7 million but was partially offset by a $59 million increase in total costs and expenses.
The company will hold its 8th annual Virtual Analyst and Investor meeting on Aug. 28 at 2 p.m. ET. Participants can interact directly with senior management through a live video webcast. A brief presentation by AMERCO officials will be followed by a Q&A session.
The company held its investor call for the first quarter of fiscal 2015 on Thursday. A replay can be accessed by visiting the “Events and Presentations” area of the company’s website.
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 40 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.