AMERCO (NASDAQ: UHAL) stock fell over 6% on May 27th, 2021 (Source: Google finance) after the company posted mixed results for the fourth quarter of FY 21. The company has reported net earnings available to shareholders of $73.8 million for the fourth quarter of FY 21 compared with net earnings of $122.4 million, for the same period last year. Self-moving equipment rental revenues grew 33%, in the fourth quarter of fiscal 2021 compared with the fourth quarter of fiscal 2020.
The transactions along with average revenue per transaction increased for both the In-town and one-way markets. Compared to the same period last year, the company has increased the number of retail locations and independent dealers. Self-storage revenues grew by $21.2 million, or 19%, in the fourth quarter of fiscal 2021 compared with the fourth quarter of fiscal 2020. The average monthly number of occupied units rose by 21%, or 69,000 units, during the fourth quarter of fiscal 2021 compared with the same period last year. The growth in revenues and units rented comes from a combination of occupancy gains at existing locations and from the additions of new facilities to the portfolio. The sales of self-moving and self-storage products and services rose by $22.9 million, or 40% in the fourth quarter of fiscal 2021 compared with the fourth quarter of fiscal 2020.
Moreover, Operating earnings at the Moving and Storage operating segment increased $137.9 million in the fourth quarter of fiscal 2021 compared with the same period last year. Gross truck and trailer capital expenditures for fiscal 2021 were approximately $853 million compared with approximately $1,374 million for fiscal 2020. Capital expenditures for the rental fleet, depending upon manufacturer availability, are expected to increase in fiscal 2022. The proceeds from the sales of rental equipment were about $527 million for fiscal 2021 compared with $678 million in fiscal 2020. The spending on real estate related acquisitions and projects decreased approximately $246 million to $505 million in fiscal 2021 compared with fiscal 2020.
UHAL in the fourth quarter of FY 21 has reported the adjusted earnings per share of $3.76, missing the analysts’ estimates for the adjusted earnings per share of $5.07. The company had reported the adjusted revenue of $1.06 billion in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $999.16 million. Cash and credit availability at the Moving and Storage operating segment was $1,115.3 million and $498.1 million as of March 31, 2021 and 2020, respectively.