Amerco Earnings: Net Income Sinks
Amerco (NASDAQ:UHAL) reported its results for the third 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 for the Third Quarter
Results: Net income for Amerco fell to $728,000 (4 cents per share) vs. $18.6 million (80 cents per share) a year earlier. This is a decline of 96.1% from the year earlier quarter.
Revenue: Rose 19.5% to $633.1 million from the year earlier quarter.
Actual vs. Wall St. Expectations: Amerco reported adjusted net income of $1.65 per share. By that measure, the company beat the mean estimate of $1.31 per share. It beat the average revenue estimate of $515 million.
Quoting Management: “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.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 67 cents in the second quarter, by 17 cents in the first quarter, and by $1 in the fourth quarter of the last fiscal year.
Revenue has risen the past four quarters. Revenue increased 10.4% to $703.2 million in the second quarter. The figure rose 9.7% in the first quarter from the year earlier and climbed 10% in the fourth quarter of the last fiscal year from the year-ago quarter.
Looking Forward: Expectations for the fourth quarter have not changed from 32 cents. For the fiscal year, the average estimate has been unchanged at $10.53 a share.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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