AMERCO, parent company of U-Haul International Inc., reported its second-quarter fiscal 2009 financial results.
Net earnings available to common shareholders for the second quarter ending Sept. 30, 2009, were $41.5 million, or $2.14 per share, compared with net earnings of $40.6 million, or $2.10 per share, for the same period last year. Other highlights of the results are:
- Self-storage revenue decreased $0.5 million for the second quarter of fiscal 2010 compared with the same period last year.
- Revenue from the rental of self-moving equipment decreased $12 million for the second quarter of fiscal 2010 compared with the same quarter last year.
- Revenue from one-way truck rentals declined during the quarter. Total truck-rental transactions increased, with growth in one-way and in-town activity.
- Foreign-currency exchange rates between the Untied States and Canada continued to negatively affect revenue.
- The company reported net gains from the disposal of equipment of $3.1 million due to the improvement in resale value of used rental equipment.
AMERCO held an investor call for the second quarter on Nov. 5. A replay of the call can be accessed at Amerco.com.
U-Haul International 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.
Source: Reuters, AMERCO Reports Second Quarter Fiscal 2010 Financial Results