AMERCO, the parent company of U-Haul International Inc., reported financial results for the quarter ended Sept. 30, the second quarter of its 2015 fiscal year. Self-storage revenue increased $7.4 million, or 16.3 percent, year over year to nearly $53 million. Average monthly occupancy was 84.1 percent during the quarter, up from 82.5 percent for the same period the previous year. U-Haul has added approximately 2.3 million net rentable square feet during the last 12 months, company officials said in a press release.
Companywide, AMERCO reported net earnings available to common shareholders of $156.2 million, or $7.98 per share, compared to $138 million, or $7.06 per share, for the same period in 2014.
"Our team is building on the momentum of the plans we put in motion over the past few years to better serve customers," said Joe Shoen, chairman of AMERCO. "The core business lines of the company continue to show improvement. The environment remains extremely competitive."
Operating earnings at the company’s moving-and-storage segment increased $34.4 million in the quarter compared to the previous year. Total revenue climbed $63.9 million but was partially offset by a $29.5 million increase in total costs and expenses.
The company held its investor call for the second quarter of fiscal 2015 on Nov. 6. A replay can be accessed 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 40 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.
