AMERCO Reports First Quarter Fiscal Financial Results

AMERCO UHAL today reported net earnings available to common shareholders for its first quarter ending June 30, 2010, of $63.3 million, or $3.26 per share, compared with net earnings of $19.5 million, or $1.01 per share, for the same period last year. Highlights of First Quarter 2011 Results Self-moving equipment rental revenues increased $46.5 million, or 12.5% for the first quarter of fiscal 2011 compared with the first quarter of fiscal 2010. In-town and one-way transactions increased during the quarter and the company was able to improve its equipment utilization. The $419.5 million of self-moving equipment rental revenues is a record high for first quarter U-Move revenue. Self-storage revenues increased $1.2 million for the first quarter of fiscal 2011 compared with the first quarter of fiscal 2010. The average number of occupied rooms during the quarter increased nearly 5% compared with the same period last year. The company has added over 590,000 net rentable square feet to the portfolio over the last twelve months, including 150,000 net rentable square feet during the quarter. AMERCO is the parent of U-Haul International, Inc., North America's largest "do-it-yourself" moving and storage operator.