Amerco (NASDAQ:UHAL) reported its results for the second quarter. Amerco is North America’s do-it-yourself moving and storage operator through its subsidiary U-Haul.
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Amerco Earnings Cheat Sheet
Results: Net income for Amerco rose to $109.4 million ($5.61 per share) vs. $101 million ($5.20 per share) in the same quarter a year earlier. This marks a rise of 8.3% from the year-earlier quarter.
Revenue: Rose 5.4% to $741.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Amerco was about in line with expectations as the mean analyst estimate of $5.60 per share. It beat the average revenue estimate of $503.5 million.
Quoting Management: “Our Moving and Self-Storage segment continues to produce strong results,” stated Joe Shoen, chairman of AMERCO. “We will continue to work hard to build on this success as we enter our traditionally slower fall and winter quarters. Hurricane Sandy affected operations at about 100 Company operated locations, all but one are now open. We have storm-damaged buildings, rental equipment and customer’s belongings. It will be weeks before we can assess the storm’s financial impact,” concluded Shoen.
The company has now seen its net income increase for three consecutive quarters. In the first quarter, net income rose 3% and in the fourth quarter of the last fiscal year, the figure rose 91.8%.
Revenue has increased for four consecutive quarters. Revenue increased 3.5% to $665.4 million in the first quarter. The figure rose 7.2% in the fourth quarter of the last fiscal year from the year earlier and climbed 19.5% in the third quarter of the last fiscal year from the year-ago quarter.
The company beat estimates last quarter after being in line with expectations in the first quarter with net income of $4.13 per share.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is $1.66 per share, down from $1.89 ninety days ago. For the fiscal year, the average estimate has moved down from $12.72 a share to $12.48 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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