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 AMERCO Reports Fiscal 2018 Financial Results
   Wednesday, May 30, 2018 4:23:00 PM ET

RENO, Nev., May 30, 2018 /PRNewswire/ -- AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for the year ended March 31, 2018, were $790.6 million, or $40.36 per share, compared with $398.4 million, or $20.34 per share for the same period last year. Included in the results for the year ended March 31, 2018, was a $18.16 per share, or $355.7 million benefit resulting from the Tax Reform Act and an additional after-tax benefit of $7.34 per share or $143.8 million resulting from the sale of a portion of our Chelsea, NY property.  Excluding these items, adjusted earnings were $14.86 per share for the year ended March 31, 2018. Included in the results for the year ended March 31, 2017, was an after tax benefit of $0.79 per share associated with our settlement of the PEI litigation that resulted in a reduction in operating expenses of $24.6 million. Excluding this after tax benefit, adjusted earnings were $19.55 per share for the year ended March 31, 2017.

For the quarter ended March 31, 2018, the Company reported net earnings available to shareholders of $10.8 million, or $0.56 per share compared with net earnings of $9.5 million, or $0.49 per share for the same period last year. Included in the results for the quarter ended March 31, 2018, was a $0.84 per share, or $16.5 million benefit resulting from the Tax Reform Act, excluding this, adjusted losses were ($0.28) per share for the quarter ended March 31, 2018.

"Customer demand for our self-moving and self-storage products remains steady," stated Joe Shoen, chairman of AMERCO. "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."

Highlights of Fiscal Year and Fourth Quarter 2018 Results

  • The recently enacted Tax Reform Act resulted in a net benefit to the Company of $355.7 million. We expect our blended GAAP effective tax rate for the twelve months of fiscal 2019 will be approximately 24.3%. During the quarter the Company issued bonuses to all of its team members in response to the enactment of the Tax Reform Act totaling approximately $20.3 million.
  • Self-moving equipment rental revenues increased $31.2 million or 6.7% in the fourth quarter of fiscal 2018 compared with the fourth quarter of fiscal 2017, and finished the full year up $116.9 million or 5.0% compared with fiscal 2017. During fiscal 2018 we added to the number of Company operated locations and grew our truck, trailer and towing device fleets. Both In-Town and one-way transactions increased compared with fiscal 2017.
  • Self-storage revenues increased $9.9 million or 13.3% in the fourth quarter of fiscal 2018 compared with the fourth quarter of fiscal 2017 and for the full year increased $37.0 million or 12.9% compared with fiscal 2017. The average monthly amount of occupied square feet increased by 10.3% during the fourth quarter of fiscal 2018 compared with the same period last year. Over the last twelve months, we have added approximately 3.7 million net rentable square feet to our owned self-storage portfolio. Average monthly occupancy throughout fiscal 2018 for the entire owned storage portfolio was 72%. Of this amount, facilities open for more than three years averaged 84% while facilities open less than three years averaged 39%.
  • For the quarter, depreciation, net of gains and losses on sales increased $21.5 million. Depreciation on the rental equipment fleet increased $10.9 million primarily due to a larger fleet. Losses on the sales of rental trucks increased $4.5 million due to higher cost of units sold combined with lower proceeds per unit on sale. All other depreciation increased $6.1 million from the increase in new moving and storage locations. For the full fiscal year, depreciation, net of gains and losses on sales increased $94.2 million. Depreciation on the rental equipment fleet increased $56.5 million primarily due to a larger fleet. Gains on the sales of rental trucks decreased $20.7 million due to higher cost of units sold with the volume of sales increasing. All other depreciation increased $17.0 million largely from the increase in new moving and storage locations.
  • Net gains on the sale of real estate increased $191.8 million. The increase was caused by the sale of a portion of our Chelsea, NY property in the third quarter of fiscal 2018 which resulted in a pre-tax gain of $190.7 million.
  • Fleet maintenance and repair costs increased $17.9 million in the fourth quarter of fiscal 2018 compared with the same period last year and $72.9 million for the full year of fiscal 2018. Higher repair and maintenance spending was primarily associated with the portion of the fleet nearing resale.
  • Operating earnings at our Moving and Storage operating segment decreased $40.1 million in the fourth quarter of fiscal 2018 compared with the same period last year. Total revenues climbed $47.7 million and total costs and expenses increased $87.8 million.
  • Gross truck and trailer capital expenditures for fiscal 2018 were approximately $1,007 million compared with approximately $1,179 million for fiscal 2017. Proceeds from the sales of rental equipment were approximately $491 million for fiscal 2018 compared with $475 million in fiscal 2017. Spending on real estate related acquisitions and projects increased approximately $123 million to $607 million in fiscal 2018 compared with fiscal 2017.
  • Cash and credit availability at the Moving and Storage operating segment was $882.0 million at March 31, 2018 compared with $804.7 million at March 31, 2017.
  • On March 8, 2018, we declared a cash dividend on our Common Stock of $0.50 per share to holders of record on March 23, 2018. The dividend was paid on April 6, 2018.

AMERCO will hold its investor call for fiscal 2018 on Thursday, May 31, 2018, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at www.amerco.com . To hear a simulcast of the call, or a replay, visit www.amerco.com .

About AMERCO

AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to our Form 10-K for the year ended March 31, 2018, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2018 and 2017.











































Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2018 and 2017.









































































The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:













































 





































































































 







































































 









































































 

























































































 

Cision View original content:http://www.prnewswire.com/news-releases/amerco-reports-fiscal-2018-financial-results-300656878.html

SOURCE AMERCO



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