U-Haul parent Amerco reports Q3 loss |
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Thu, 08 Feb 2007 01:34
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RENO, Nev. (AFX) - The parent company of moving and storage company U-Haul International reported a third-quarter loss of $12.7 million, or 61 cents a share, on Wednesday, citing softness in the one-way pricing of its self-moving units.Amerco Inc. said revenue in the quarter that ended Dec. 31 totaled $466.8 million compared with $495.7 million for the same period a year earlier.The loss of $12.7 million compared with net income of $11.9 million or 57 cents a share in the third quarter of fiscal 2005. One analyst surveyed by Thomson Financial expected a profit of 52 cents a share.Shares closed Wednesday at $82 on the Nasdaq Stock Market, down 4 cents, before the earnings were announced. The share price rose 9 cents, or 0.1 percent, to $82.09 in after-hours trading.For the nine months that ended Dec. 31, net earnings of $96.7 million, or $4.62 a share, compared with earnings of $109.6 million, or $5.26 a share, a year earlier.'The contest for customers is longer than four quarters. We will endure for the rest of the winter and be well positioned as the customers' best choice this spring,' Amerco Chairman Joe Shoen said in a statement.Cold weather months traditionally are the slowest for the rental truck business as people postpone self moves.Shoen also said U-Haul has experienced lower rental revenue as it responded to competitor's price cuts.U-Haul is North America's largest do-it-yourself moving and storage operator. Amerco also is parent to Amerco Real Estate Co., Republic Western Insurance Co. and Oxford Life Insurance Co.While the company is registered in Nevada, its main operations are located in Phoenix.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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U-Haul parent Amerco reports Q3 loss 