Amerco posts narrower loss for fiscal 4th quarter on higher revenue; fiscal-year profit jumps

Amerco narrows fiscal 4Q loss as revenue rises

RENO, Nev. — Amerco Inc., the holding company of moving and storage operator U-Haul International Inc., on Wednesday said its fiscal fourth-quarter loss narrowed substantially as revenue rose across many of its business lines and operating costs fell.

For the three months ended March 31, the company posted a net loss available to common shareholders of $8.2 million, or 43 cents per share, compared with a net loss of $38.5 million, or $1.99 per share, in the year-ago quarter.

Revenue rose 7 percent to $443.8 million from $415.4 million.

Amerco’s self-moving equipment rentals segment saw revenue rise 6 percent to $298.3 million, while self-storage revenue edged up 1 percent to $28 million. Related products and services revenue jumped 14 percent to $44.4 million. Life insurance premium revenue shot up to $39 million from $28 million.

Costs and expenses fell 3 percent to $433.8 million from $447.5 million.

For the full fiscal year, Amerco posted earnings available to common shareholders of $53.2 million, or $2.74 per share, compared with a year-ago profit of $447,000, or 2 cents per share. Revenue for the year rose to $2 billion from $1.99 billion.

Amerco shares fell 3 cents to close at $44.97.