Revenue during the quarter grew 3.77 percent to $708.77 million from $683.01 million in the previous year period. Gross margin for the quarter contracted 41 basis points over the previous year period to 88.84 percent. Total expenses were 93.92 percent of quarterly revenues, up from 84.40 percent for the same period last year. That has resulted in a contraction of 952 basis points in operating margin to 6.08 percent.

Operating income for the quarter was $43.08 million, compared with $106.55 million in the previous year period.

"Increased truck depreciation and reduction in gain on sale of trucks are big drivers of the earnings drop for the year," stated Joe Shoen, chairman of AMERCO. "U-Haul Truck Share 24/7 has launched and completed transactions at 3,457 locations. The implications of this are all good for the truck rental business. We continue to focus on self-storage and the opportunity in our unrented inventory."

Debt moves up 
AMERCO has witnessed an increase in total debt over the last one year. It stood at $3,262.88 million as on Mar. 31, 2017, up 23.25 percent or $615.48 million from $2,647.40 million on Mar. 31, 2016. Amerco has witnessed an increase in long-term debt over the last one year. It stood at $3,262.88 million as on Mar. 31, 2017, up 23.25 percent or $615.48 million from $2,647.40 million on Mar. 31, 2016. Total debt was 34.69 percent of total assets as on Mar. 31, 2017, compared with 32.48 percent on Mar. 31, 2016. Debt to equity ratio was at 1.25 as on Mar. 31, 2017, up from 1.18 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 1.46 for the quarter from 4.06 for the same period last year.