Amerco, Reno, Nev., parent of U-Haul International, Oxford Life Insurance Co., Repwest Insurance Co. and Amerco Real Estate Co., reported net earnings available to common shareholders for the year ended March 31, 2012, were $196.5 million, or $10.09 per share, compared with $171 million, or $8.80 per share for the same period last year.
For the quarter ended March 31, 2012, the company reported net earnings available to common shareholders of $25.4 million, or $1.29 per share, compared with net earnings of $10.2 million, or $0.52 per share for the same period last year.
“As expected, we finished the year on a strong note with continued growth in our core moving and storage business,” said Joe Shoen, chairman of Amerco. “Our goal is to capitalize on this momentum amidst a challenging backdrop and continue to better serve customers.”
Self-moving equipment rental revenue increased $26.9 million or 8 percent in the fourth quarter of fiscal 2012 compared with the fourth quarter of fiscal 2011, and finished the full year up $131.2 million or 9 percent compared with the full year of fiscal 2011. Transaction growth for both in-town and one-way moves continued throughout the year across both the truck and trailer fleets resulting in the second consecutive year of record equipment rental revenues.
Self-storage revenues for the moving and storage segment increased $3.5 million for the fourth quarter of fiscal 2012 compared with the fourth quarter of fiscal 2011 and for the full year increased $13.7 million compared with fiscal 2011. The average amount of occupied square feet increased just over 10 percent compared with fiscal 2011 while the total available net rentable square feet increased by 1.4 million square feet over the last 12 months.