AMERCO, the parent company of U-Haul International Inc., reported financial results for the fourth quarter and its 2014 fiscal year, which ended March 31. Self-storage revenue increased $7.2 million (17.6 percent) year over year to $48 million during the quarter. Storage revenue increased $29.1 million (19.1 percent) to $181.8 million for the fiscal year compared to 2013.
Average monthly occupancy was 79.3 percent during the quarter, up from 77.8 percent for the same period last year. For the fiscal year, occupancy was 80.5 percent. U-Haul added approximately 2.1 million net rentable square feet to its self-storage portfolio during the last 12 months.
Companywide, AMERCO reported fiscal-year net earnings available to common shareholders of $342.4 million, $17.51 per share, compared to $264.7 million, $13.56 per share, last year. Net earnings for the quarter tallied $39.2 million, $2 per share, compared to $37.9 million, $1.93 per share, during the fourth quarter last year.
"Our employees, dealers and affiliates continue to find ways to improve the U-Haul rental experience," said Joe Shoen, chairman of AMERCO. "We operate in very competitive markets. We are surrounded by uncertainty. The better we serve the customer, the better our longer-term prospects."
Operating earnings at the company’s moving-and-storage segment increased $17.6 million in the quarter compared with the same period last year and $122.4 million for the full year.
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 1,000 owned and managed facilities throughout North America.
- PR Newswire: AMERCO Reports Fiscal 2014 Financial Results