Charge Docks Amerco's Earnings

U-Haul's parent company Amerco (UHAL Quote) said first-quarter earnings declined after the company recorded a charge for a refinancing initiative, but sales were up slightly from a year ago.

The Reno, Nev., company earned $31.8 million, or $1.53 a share, for the first quarter ended June 30, compared with earnings of $41.2 million, or $1.98 a share, for the same period last year. The results for the latest quarter include a pretax charge of $35.6 million associated with the company's refinancing.

Amerco, which also owns Oxford Life Insurance and Amerco Real Estate, said consolidated revenue rose to $559.5 million from $552.9 million last year.

Shares of Amerco were gaining $2.17, or 4%, to $56.18.