Revenue during the quarter grew 3.74 percent to $998.91 million from $962.90 million in the previous year period. Gross margin for the quarter contracted 14 basis points over the previous year period to 91.21 percent. Total expenses were 69.25 percent of quarterly revenues, up from 67.69 percent for the same period last year. That has resulted in a contraction of 155 basis points in operating margin to 30.75 percent.

Operating income for the quarter was $307.21 million, compared with $311.07 million in the previous year period.

"This quarter has developed about like we thought it would: Truck transactions were up, income per transaction down," stated Joe Shoen, chairman of AMERCO. "The truck resale market is supporting lower pricing and is likely to stay that way. We continue to add rental vehicles and self-storage locations."

Debt moves up
AMERCO has witnessed an increase in total debt over the last one year. It stood at $2,992.49 million as on Sep. 30, 2016, up 20.51 percent or $509.30 million from $2,483.19 million on Sep. 30, 2015. Long-term debt stood at $2,992.49 million as on Sep. 30, 2016. Total debt was 33.22 percent of total assets as on Sep. 30, 2016, compared with 32.67 percent on Sep. 30, 2015. Debt to equity ratio was at 1.14 as on Sep. 30, 2016, down from 1.16 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 10.89 for the quarter from 12.98 for the same period last year.