AMERCO, the parent company of U-Haul International Inc., reported financial results for the fourth quarter and its full 2018 fiscal year, which ended on March 31. Self-storage revenue increased $9.9 million during the quarter, compared with the fourth quarter of fiscal 2017, while growing 12.9 percent for the year to $37 million. The company added approximately 3.7 million net rentable square feet to its owned self-storage portfolio during the year.
Average monthly occupancy throughout fiscal 2018 for its owned self-storage portfolio was 72 percent. Facilities operating for more than three years averaged 84 percent, while facilities open for less than three years averaged 39 percent occupancy, according to a press release.
Companywide, AMERCO reported net earnings available to shareholders for the full fiscal year were $790.6 million, or $40.36 per share, compared with net earnings of $398.4 million, or $20.34 per share, for the same period last year. For the fourth quarter, net earnings available to shareholders was $10.8 million, or $0.56 per share, compared with net earnings of $9.5 million, or $0.49 per share, during the previous fourth quarter.
"Customer demand for our self-moving and self-storage products remains steady," said Joe Shoen, chairman. "We made progress in managing the sale of our pickups and cargo vans during the quarter, but more work remains. We continue to invest in self-storage, the rental fleet and technology for the long-term."
The company held its investor call for the quarter and fiscal year yesterday. 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 44 million square feet of self-storage space at owned and managed facilities throughout North America.
PR Newswire, AMERCO Reports Fiscal 2018 Financial Results