Amerco Profit Rises - Update

(RTTNews) - Amerco (UHAL) Wednesday reported an increase in fourth-quarter profit, helped by higher rental revenue and investment gains.

CEO Joe Shoen said business conditions remain uncertain even as the company strives to improve growth at its rental business.

Amerco is the parent company of rental company U-Haul International Inc, Oxford Life Insurance Co, Repwest Insurance Co and Amerco Real Estate Co.

Reno, Nevada-based Amerco posted quarterly net earnings to shareholders of $39.2 million or $2.00 per share, compared with $37.9 million or $1.93 per share last year.

On average, two analysts polled by Thomson Reuters projected earnings of $1.69 per share for the quarter. Analysts' estimates typically exclude special items.

Results for the prior-year quarter included an $8.4 million pre-tax gain at its insurance companies resulting from an investment gain.

Revenue for the quarter was $610.58 million, up from $564.3 million in the prior year.

At its key self-moving equipment rental segment, revenue increased 8.6 percent, and self-storage revenue climbed 17.6 percent.

However, premiums at its insurance businesses declined.

Amerco stock closed Wednesday at $267.55, up $2.14 or 0.81%, on a volume of 22k shares on the Nasdaq. In after hours, the stock gained $3.45 or 1.29%, trading at $271.00.