AMERCO, the parent company of U-Haul International Inc., reported financial results for the quarter that ended Sept. 30, the second quarter of its 2017 fiscal year. Self-storage revenue increased $10.1 million during the quarter, compared with the second quarter of fiscal 2016. The additional revenue was generated by occupancy improvements at existing locations as well as continued additions to its storage portfolio, according to a company press release. Over the last 12 months, AMERCO has added approximately 3.5 million net rentable square feet of storage space to its owned properties, with more than 500,000 square feet added during the quarter.
Companywide, AMERCO reported net earnings available to common shareholders for its second quarter of $176.5 million, or $9.01 per share, compared with net earnings of $183.4 million, or $9.36 per share, for the same period last year. For the six-month period ended Sept. 30, net earnings available to common shareholders were $323.6 million, or $16.52 per share, compared to $354.7 million, or $18.10 per share, for the same period in 2016.
"This quarter has developed about like we thought it would; truck transactions were up, income per transaction down," said Joe Shoen, chairman. "The truck-resale market is supporting lower pricing and is likely to stay that way. We continue to add rental vehicles and self-storage locations."
The company held its investor call for the quarter this morning. A replay is expected to be accessible 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 49 million square feet of self-storage space at more than 1,300 owned and managed facilities throughout North America.