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Amerco 2Q Profit Falls
Associated Press 11.07.07, 5:56 PM ET
Amerco Inc., the holding company of moving and storage operator U-Haul International Inc., said Wednesday its fiscal second-quarter profit fell 18 percent on lower self-moving equipment rental revenue and higher depreciation costs.
But the results pleased investors, and Amerco (nyse: AOPRA - news - people ) shares rose $1.36, or 2.3 percent, to $60.42 in aftermarket trading, after falling $4.25, or 6.7 percent, to $59.06 in the regular session.
For the quarter ended Sept. 30, after the payment of preferred dividends, Amerco earned $47.2 million, or $2.39 per share, compared with $57.3 million, or $2.74 per share, for the same quarter in 2007.
The 2007 quarter included a one-time after-tax charge of 20 cents per share related to the company's second-quarter debt amendment. Excluding that charge, the company posted an adjusted profit of $2.94 per share for the 2007 period.
Total revenue fell less than a percent to $600.6 million from $606.3 million in the year-ago quarter.
Revenue from self-moving equipment rentals fell 1.3 percent to $439.8 million, while self-storage revenue increased 2.1 percent to $33.1 million. Depreciation costs jumped 29 percent to $55.7 million.
http://www.forbes.com/feeds/ap/2007/11/07/ap4314151.html
Associated Press 11.07.07, 5:56 PM ET
Amerco Inc., the holding company of moving and storage operator U-Haul International Inc., said Wednesday its fiscal second-quarter profit fell 18 percent on lower self-moving equipment rental revenue and higher depreciation costs.
But the results pleased investors, and Amerco (nyse: AOPRA - news - people ) shares rose $1.36, or 2.3 percent, to $60.42 in aftermarket trading, after falling $4.25, or 6.7 percent, to $59.06 in the regular session.
For the quarter ended Sept. 30, after the payment of preferred dividends, Amerco earned $47.2 million, or $2.39 per share, compared with $57.3 million, or $2.74 per share, for the same quarter in 2007.
The 2007 quarter included a one-time after-tax charge of 20 cents per share related to the company's second-quarter debt amendment. Excluding that charge, the company posted an adjusted profit of $2.94 per share for the 2007 period.
Total revenue fell less than a percent to $600.6 million from $606.3 million in the year-ago quarter.
Revenue from self-moving equipment rentals fell 1.3 percent to $439.8 million, while self-storage revenue increased 2.1 percent to $33.1 million. Depreciation costs jumped 29 percent to $55.7 million.
http://www.forbes.com/feeds/ap/2007/11/07/ap4314151.html
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