Amerco (ticker UHAL) the parent company of U-Haul has released their most recent earnings. I mention these earnings because they are of interest to many of us that have funds in the “U-haul Investors Club”. More info on the investors club can be found here.
The company really kicked butt last quarter with revenue growing over 20% and earnings up 50%. Earnings were over $400 million – over $20/share versus $13.58 a year ago. The balance sheet is rock solid with $2.3 billion in cash as well as another $2.8 billion in marketable securities. NOTE some of these assets are related to the companies insurance business and not available to the other businesses.
I note that the most recent notes available from UHAUL carry coupons of 1.75%, 2.25% and 3%. The current rates are much lower than a few years ago–the available coupons move in sync with interest rates in general.