Amerco Up 17% After Beatings Earnings Estimates
Shares of Amerco (NASDAQ: UHAL) are up 17% today after the company beat earnings estimates.
The company today reported net earnings available to common shareholders for its third quarter ended December 31, 2011, of $0.7 million, or $0.04 per share, compared with $15.5 million, or $0.80 per share, for the same period last year. Included in the results for December 31, 2011, was an after-tax charge of $1.61 per share associated with Repwest's excess workers' compensation reserve strengthening. Taking into account this after-tax charge, adjusted earnings were $1.65 per share for the three months ended December 31, 2011.
"Of course it is a disappointment to have the strong results in our U-Haul business clouded by the additional reserving at Repwest," stated Joe Shoen, chairman of AMERCO. "I still expect the year to finish strong for the entire organization," Shoen concluded.
