AMERCO, the parent company of U-Haul International Inc., reported financial results for the quarter that ended Sept. 30, the second quarter of its 2016 fiscal year. Self-storage revenue increased $9.1 million during the quarter, compared with the second quarter of fiscal 2015. The additional revenue was generated by occupancy improvements at existing locations as well as continued acquisition activity, according to a company press release. Over the last 12 months, AMERCO has added approximately 2.7 million net rentable square feet of storage space to its portfolio, with more than 1.3 million square feet gained during the second quarter.
Companywide, AMERCO reported net earnings available to common shareholders for its second quarter of $183.4 million, or $9.36 per share, compared with net earnings of $156.2 million, or $7.98 per share, for the same period last year. For the six-month period ended Sept. 30, net earnings available to common shareholders were $354.7 million, or $18.10 per share, compared to $280.7 million, or $14.34 per share, for the same period in 2015.
"We continued to see revenue growth in all major segments," stated Joe Shoen, chairman of AMERCO. "Competitors continue to assert themselves. We aim to make U-Haul the customer's best choice in both self-move and self-store. I continue to view this as a long journey requiring sustained effort."
On Aug. 28, the company declared a cash dividend on its common stock of $3 per share to holders of record on Sept. 16. The dividend was paid on Oct. 2.
The company held its investor call for the second quarter of fiscal 2016 on Nov. 5. A replay can be accessed by visiting the “Events and Presentations” area of AMERCO.com.
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 more than 40 million square feet of storage space at more than 1,200 owned and managed facilities throughout North America.