U-HAUL HOLDING COMPANY REPORTS FIRST QUARTER FISCAL 2024 FINANCIAL RESULTS

Rhea-AI Summary

U-Haul Holding Company reports net earnings of $256.8 million for Q1 2024, a decrease from $338.3 million in Q1 2023. Self-moving equipment rental revenues decreased by 8.4%, while self-storage revenues increased by 14.9%. Sales of self-moving and self-storage products and services decreased by 7.8%. Operating earnings at the Moving and Storage segment decreased by $94.9 million.

Positive

• Net earnings of $256.8 million for Q1 2024
• Self-storage revenues increased by 14.9%
• Cash and credit availability at the Moving and Storage segment increased to $2,792.4 million

Negative

• Decrease in net earnings from $338.3 million in Q1 2023
• Decrease in self-moving equipment rental revenues by 8.4%
• Decrease in sales of self-moving and self-storage products and services by 7.8%

RENO, Nev., Aug. 9, 2023 /PRNewswire/ -- U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its first quarter ended June 30, 2023, of $256.8 million, compared with net earnings of $338.3 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.31 for the first quarter of fiscal 2024 compared to $1.68 for the same period in fiscal 2023.

"Moving and storage is a highly competitive business," stated Joe Shoen, chairman of U-Haul Holding Company. "Our customers have many choices. Our opportunity is to make U-Haul products and services the customer's best choice. I am focused on the implementation of our customer focused programs."

Highlights of First Quarter Fiscal 2024 Results

• Self-moving equipment rental revenues decreased $91.6 million, or 8.4% for the first quarter of fiscal 2024 compared with the first quarter of fiscal 2023. Transactions, revenue and average miles driven per transaction decreased. These declines were more pronounced in our one-way markets. Compared to the same period last year, we increased the number of retail locations, independent dealers, trucks and trailers in the rental fleet.
• Self-storage revenues increased $25.8 million, or 14.9% for the first quarter of fiscal 2024 compared with the first quarter of fiscal 2023. The average monthly number of occupied units during the quarter increased by 9%, or 44,957 units, compared to the same quarter last year. Our reported occupancy of all properties regardless of length of time in the portfolio decreased 1.7% to 82.8% for the first quarter. The occupancy ratio for the subset of these properties that have been stabilized at 80% for the last 24 months also decreased 1.7% to 95.1% during the quarter. The growth in revenues and square feet rented comes from a combination of occupancy gains at existing locations, the addition of new capacity to the portfolio and a 6% improvement in average revenue per occupied foot. During the quarter, we added approximately 1.1 million net rentable square feet.
• Sales of self-moving and self-storage products and services decreased $8.5 million, or 7.8% compared with the first quarter of fiscal 2023 due to decreased sales of hitches, moving supplies and propane. The decrease in self-moving transactions has negatively affected the sales of moving supplies.
• For the first quarter of fiscal 2024 compared with the first quarter of fiscal 2023, depreciation, net of gains on sales increased $24.0 million. Page four of this press release contains additional detail about this change.
• For the first quarter of fiscal 2024 compared with the first quarter of fiscal 2023 gross rental equipment capital expenditures were approximately $454 million compared with approximately $351 million.  Proceeds from sales of rental equipment were $193 million compared with $156 million.  Spending on real estate related acquisitions and development were approximately $294 million compared with $278 million, respectively. 
• Fleet maintenance and repair costs increased $29.6 million in the first quarter of fiscal 2024 compared with the same period last year due to preventative maintenance combined with the costs associated with preparing trucks for sale. The primary driver behind these increases has been the slower rotation of new equipment into the fleet and older equipment out of the fleet over the last several years.
• Operating earnings at our Moving and Storage operating segment decreased $94.9 million compared with the same period last year to $386.7 and represent the third best first quarter result in the Company's history. Total revenues decreased $64.1 million and total costs and expenses increased $30.8 million.
• Cash and credit availability at the Moving and Storage segment was $2,792.4 million as of June 30, 2023 compared with $2,499.2 million at March 31, 2023.
• We are holding our 17^th Annual Virtual Analyst and Investor meeting on Thursday, August 17, 2023 at 11 a.m. Arizona Time (2 p.m. Eastern).  This is an opportunity to interact directly with Company representatives through a live video webcast at investors.uhaul.com.  A brief presentation by the Company will be followed by a question-and-answer session.

U-Haul Holding Company will hold its investor call for the first quarter of fiscal 2024 on Thursday, August 10, 2023, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company
U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

About U-Haul
Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America and offers 959,000 rentable storage units and 82.3 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company's business and future operating results,  please refer to our Form 10-Q for the quarter ended June 30, 2023, which is on file with the SEC.

 

Report on Business Operations Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2024 and 2023
		Quarter Ended June 30,
		2023		2022
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	999,206	$	1,090,775
Self-storage revenues		198,961		173,177
Self-moving and self-storage product and service sales		100,872		109,351
Property management fees		9,177		9,139
Life insurance premiums		23,131		25,781
Property and casualty insurance premiums		20,322		19,972
Net investment and interest income		64,592		33,573
Other revenue		124,047		136,072
Consolidated revenue	$	1,540,308	$	1,597,840

 

Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2024 and 2023.

		Quarter Ended June 30,
		2023		2022
		(Unaudited)
		(In thousands)
Moving and storage
Revenues	$	1,459,513	$	1,523,598
Earnings from operations before equity in earnings of subsidiaries		386,691		481,617
Property and casualty insurance
Revenues		27,839		23,082
Earnings from operations		11,982		8,351
Life insurance
Revenues		55,681		54,103
Earnings from operations		1,356		5,916
Eliminations
Revenues		(2,725)		(2,943)
Earnings from operations before equity in earnings of subsidiaries		(371)		(382)
Consolidated Results
Revenues		1,540,308		1,597,840
Earnings from operations		399,658		495,502

 

Debt Metrics
Debt Metrics
(in thousands)(unaudited)		June 30,		March 31,		December 31,		September 30,		June 30,
		2023		2023		2022		2022		2022
Real estate secured debt		$2,744,416		$2,660,878		$2,682,036		$2,860,764		$2,794,440
Unsecured debt		1,200,000		1,200,000		1,200,000		1,200,000		1,350,000
Fleet secured debt		2,305,116		2,205,824		2,277,387		2,196,935		2,043,904
Other secured debt		74,250		76,648		77,399		78,871		81,008
Total debt		6,323,782		6,143,350		6,236,822		6,336,570		6,269,352
Moving and Storage cash		$2,302,380		$2,034,242		$2,429,943		$3,025,390		$2,982,541
Moving and Storage assets		15,742,770		15,235,637		15,234,112		15,243,508		14,911,413
Moving and Storage EBITDA (TTM)		1,816,319		1,888,513		1,906,046		1,995,170		2,053,296
Net debt to EBITDA		2.2		2.2		2.0		1.7		1.6
Net debt to total assets		25.5 %		27.0 %		25.0 %		21.7 %		22.0 %
Percent of debt floating		7.7 %		8.4 %		8.3 %		10.5 %		16.7 %
Percent of debt fixed		92.3 %		91.6 %		91.7 %		89.5 %		83.3 %
Percent of debt unsecured		19.0 %		19.5 %		19.2 %		18.9 %		21.5 %
Unencumbered asset ratio*		3.56x		3.44x		3.35x		2.91x		2.99x
* Unencumbered asset value compared to unsecured debt committed, outstanding or not.  Unencumbered assets valued
at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x

 

The components of depreciation, net of gains on disposals are as follows:

		Quarter Ended June 30,
		2023		2022
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	135,192	$	126,521
Depreciation expense - non rental equipment		22,302		21,621
Depreciation expense - real estate		35,981		30,002
Total depreciation expense	$	193,475	$	178,144
Gain on disposals of rental equipment		(55,807)		(64,001)
(Gain) loss on disposals of non-rental equipment		146		(347)
Total gain on disposals equipment	$	(55,661)	$	(64,348)
Depreciation, net of gains on disposals	$	137,814	$	113,796
Loss on disposals of real estate	$	1,021	$	2,307

 

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

 

		Quarter Ended June 30,
		2023		2022
		(Unaudited)
		(In thousands, except occupancy rate)
Unit count as of June 30		683		620
Square footage as of June 30		57,530		51,845
Average monthly number of units occupied		563		518
Average monthly occupancy rate based on unit count		82.8 %		84.5 %
End of June occupancy rate based on unit count		83.9 %		85.6 %
Average monthly square footage occupied		48,627		44,847

 

Self-Storage Portfolio Summary
As of June 30, 2023
(unaudited)
U-Haul Owned Store Data by State
														Annual
State/						Units				Rentable				Revenue				Occupancy
Province			Stores			Occupied				Square Feet				Per Foot				During Qtr
Texas			89			34,947				4,018,287				$        14.28				78.8 %
California			86			32,043				2,935,423				$        20.25				82.1 %
Illinois			80			35,615				3,480,159				$        15.11				84.0 %
Florida			79			33,263				3,158,595				$        17.70				87.6 %
Pennsylvania			69			28,310				2,772,657				$        16.81				78.0 %
New York			64			26,295				2,415,628				$        22.25				78.5 %
Ohio			57			24,148				2,392,993				$        14.50				83.6 %
Michigan			56			19,575				1,902,259				$        15.06				89.3 %
Georgia			49			22,050				2,197,226				$        15.67				88.8 %
Arizona			43			24,620				2,508,128				$        15.32				88.4 %
Wisconsin			43			16,861				1,895,611				$        13.11				81.3 %
Washington			37			12,334				1,277,336				$        16.41				78.3 %
North Carolina			36			16,871				1,705,429				$        14.66				84.0 %
Tennessee			34			14,934				1,377,814				$        14.11				91.2 %
New Jersey			33			15,343				1,322,293				$        19.87				88.7 %
Ontario			32			10,284				1,054,891				$        21.67				77.0 %
Missouri			31			11,336				1,214,621				$        14.72				78.1 %
Indiana			30			10,027				1,024,799				$        13.56				81.2 %
Massachusetts			30			10,882				983,653				$        19.43				84.4 %
Alabama			25			6,829				769,170				$        13.58				76.0 %
Top 20 Totals			1,003			406,567				40,406,973				$      16.39				83.1 %
All Others			432			166,816				17,156,943				$      15.57				82.2 %
1Q 2024 Totals			1,435			573,383				57,563,916				$      16.15				82.8 %
Same Store 1Q24			820			266,447				24,473,487				$       16.28				95.1 %
Same Store 1Q23			718			222,894				20,716,950				$       14.79				96.8 %
Same Store 1Q22			599			171,843				16,145,296				$       14.28				96.0 %
Non Same Store 1Q24			615			306,936				33,090,429				$       16.02				74.3 %
Non Same Store 1Q23			658			308,298				31,161,636				$       15.14				77.0 %
Non Same Store 1Q22			713			281,820				30,735,485				$       13.72				71.9 %
Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of
the reporting quarter. Occupancy % reflects average occupancy during reporting quarter.
Revenue per foot is average revenue per occupied foot over the trailing twelve months ending June 2023.
Same store includes storage locations with rentable storage inventory for more than three years
and have had a capacity change of less than twenty units for any year-over-year period of the
reporting month.  The locations have occupancy each month during the last three years and have
achieved 80% or greater physical occupancy for the last two years.

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
		June 30,		March 31,
		2023		2023
		(Unaudited)
		(In thousands)
ASSETS
Cash and cash equivalents	$	2,377,124	$	2,060,524
Reinsurance recoverables and trade receivables, net		206,663		189,498
Inventories and parts, net		164,884		151,474
Prepaid expenses		232,039		241,711
Investments, fixed maturities and marketable equities		2,469,512		2,770,394
Investments, other		620,140		575,540
Deferred policy acquisition costs, net		123,596		128,463
Other assets		60,821		51,052
Right of use assets - financing, net		420,496		474,765
Right of use assets - operating, net		59,496		58,917
Related party assets		43,102		48,308
		6,777,873		6,750,646
Property, plant and equipment, at cost:
Land		1,555,326		1,537,206
Buildings and improvements		7,364,517		7,088,810
Furniture and equipment		942,036		928,241
Rental trailers and other rental equipment		866,916		827,696
Rental trucks		5,594,132		5,278,340
		16,322,927		15,660,293
Less: Accumulated depreciation		(4,486,766)		(4,310,205)
Total property, plant and equipment, net		11,836,161		11,350,088
Total assets	$	18,614,034	$	18,100,734
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	778,605	$	761,039
Notes, loans and finance leases payable, net		6,287,231		6,108,042
Operating lease liabilities		58,808		58,373
Policy benefits and losses, claims and loss expenses payable		878,436		880,202
Liabilities from investment contracts		2,384,330		2,398,884
Other policyholders' funds and liabilities		12,218		8,232
Deferred income		64,790		52,282
Deferred income taxes, net		1,371,859		1,329,489
Total liabilities		11,836,277		11,596,543
Common stock		10,497		10,497
Non-voting common stock		176		176
Additional paid-in capital		453,643		453,643
Accumulated other comprehensive income (loss)		(261,836)		(285,623)
Retained earnings		7,252,927		7,003,148
Cost of common stock in treasury, net		(525,653)		(525,653)
Cost of preferred stock in treasury, net		(151,997)		(151,997)
Total stockholders' equity		6,777,757		6,504,191
Total liabilities and stockholders' equity	$	18,614,034	$	18,100,734

 

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Quarter Ended June 30,
		2023		2022
		(Unaudited)
		(In thousands, except share and per share data)
Revenues:
Self-moving equipment rentals	$	999,206	$	1,090,775
Self-storage revenues		198,961		173,177
Self-moving and self-storage products and service sales		100,872		109,351
Property management fees		9,177		9,139
Life insurance premiums		23,131		25,781
Property and casualty insurance premiums		20,322		19,972
Net investment and interest income		64,592		33,573
Other revenue		124,047		136,072
Total revenues		1,540,308		1,597,840
Costs and expenses:
Operating expenses		763,241		733,167
Commission expenses		106,927		118,493
Cost of sales		70,675		79,671
Benefits and losses		45,344		39,757
Amortization of deferred policy acquisition costs		8,045		7,672
Lease expense		7,583		7,475
Depreciation, net of gains on disposals		137,814		113,796
Net losses on disposal of real estate		1,021		2,307
Total costs and expenses		1,140,650		1,102,338
Earnings from operations		399,658		495,502
Other components of net periodic benefit costs		(365)		(304)
Interest expense		(60,598)		(49,799)
Pretax earnings		338,695		445,399
Income tax expense		(81,857)		(107,054)
Earnings available to common stockholders	$	256,838	$	338,345
Basic and diluted earnings per share of Common Stock	$	1.27	$	2.18
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.31	$	1.68
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted	$	176,470,092	$	176,470,092

 

EARNINGS PER SHARE

We calculate earnings per share using the two-class method in accordance with Accounting Standards Codification Topic 260, Earnings Per Share. The two-class method allocates the undistributed earnings available to common stockholders to the Company's outstanding common stock, $0.25 par value (the "Voting Common Stock") and the Series N Non-Voting Common Stock, $0.001 par value (the "Non-Voting Common Stock") based on each share's percentage of total weighted average shares outstanding. The Voting Common Stock and Non-Voting Common Stock are allocated 10% and 90%, respectively, of our undistributed earnings available to common stockholders. This represents earnings available to common stockholders less the dividends declared for both the Voting Common Stock and Non-Voting Common Stock.

Our undistributed earnings per share is calculated by taking the undistributed earnings available to common stockholders and dividing this number by the weighted average shares outstanding for the respective stock. If there was a dividend declared for that period, the dividend per share is added to the undistributed earnings per share to calculate the basic and diluted earnings per share. The process is used for both Voting Common Stock and Non-Voting Common Stock.

The calculation of basic and diluted earnings per share for the quarters ended June 30, 2023 and 2022 for our Voting Common Stock and Non-Voting Common Stock were as follows:

		For the Quarter Ended
		June 30,
		2023		2022
		(Unaudited)
		(In thousands, except share and per share amounts)
Weighted average shares outstanding of Voting Common Stock		19,607,788		19,607,788
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Voting Common Stock		10 %		10 %
Net earnings available to common stockholders	$	256,838	$	338,345
Voting Common Stock dividends declared		–		(9,804)
Non-Voting Common Stock dividends declared		(7,059)		-
Undistributed earnings available to common stockholders	$	249,779	$	328,541
Undistributed earnings available to common stockholders allocated to Voting Common Stock	$	24,978	$	32,854
Undistributed earnings per share of Voting Common Stock	$	1.27	$	1.68
Dividends declared per share of Voting Common Stock	$	–	$	0.50
Basic and diluted earnings per share of Voting Common Stock	$	1.27	$	2.18
Weighted average shares outstanding of Non-Voting Common Stock		176,470,092		176,470,092
Total weighted average shares outstanding for Voting Common Stock and Non-Voting Common Stock		196,077,880		196,077,880
Percent of weighted average shares outstanding of Non-Voting Common Stock		90 %		90 %
Net earnings available to common stockholders	$	256,838	$	338,345
Voting Common Stock dividends declared		–		(9,804)
Non-Voting Common Stock dividends declared		(7,059)		-
Undistributed earnings available to common stockholders	$	249,779	$	328,541
Undistributed earnings available to common stockholders allocated to Non-Voting Common Stock	$	224,801	$	295,687
Undistributed earnings per share of Non-Voting Common Stock	$	1.27	$	1.68
Dividends declared per share of Non-Voting Common Stock	$	0.04	$	-
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.31	$	1.68

 

NON-GAAP DISCLOSURE

As of April 1, 2019, we adopted the new accounting standard for leases. Part of this adoption resulted in approximately $1 billion of property, plant and equipment, net ("PPE") being reclassed to Right of use assets - financing, net ("ROU-financing"). As of June 30, 2023, the balance of ROU-financing also includes the rental equipment purchased under new financing liability leases during fiscal 2024. The tables below show adjusted PPE as of June 30, 2023 and March 31, 2023, by including the ROU-financing. The assets included in ROU-financing are not a true book value as some of the assets are recorded at between 70% and 100% of value based on the lease agreement. This non-GAAP measure is intended as a supplemental measure of our balance sheet that is neither required by, nor presented in accordance with, GAAP.  We believe that the use of this non-GAAP measure provides an additional tool for investors to use in evaluating our financial condition. This non-GAAP measure should not be considered in isolation or as a substitute for other measures calculated in accordance with GAAP.

 

						June 30,		March 31,
						2023		2023
						Property,		Property,
				ROU		Plant and		Plant and
		June 30,		Assets		Equipment		Equipment
		2023		Financing		Adjusted		Adjusted
		(Unaudited)
		(In thousands)
Property, plant and equipment, at cost
Land	$	1,555,326	$	-	$	1,555,326	$	1,537,206
Buildings and improvements		7,364,517		-		7,364,517		7,088,810
Furniture and equipment		942,036		7,109		949,145		937,928
Rental trailers and other rental equipment		866,916		128,865		995,781		979,990
Rental trucks		5,594,132		879,054		6,473,186		6,228,178
Subtotal		16,322,927		1,015,028		17,337,955		16,772,112
Less: Accumulated depreciation		(4,486,766)		(594,532)		(5,081,298)		(4,947,259)
Total property, plant and equipment, net	$	11,836,161	$	420,496	$	12,256,657	$	11,824,853

						March 31,
						2023
						Property,
				ROU		Plant and
		March 31,		Assets		Equipment
		2023		Financing		Adjusted
		(In thousands)
Property, plant and equipment, at cost
Land	$	1,537,206	$	-	$	1,537,206
Buildings and improvements		7,088,810		-		7,088,810
Furniture and equipment		928,241		9,687		937,928
Rental trailers and other rental equipment		827,696		152,294		979,990
Rental trucks		5,278,340		949,838		6,228,178
Subtotal		15,660,293		1,111,819		16,772,112
Less: Accumulated depreciation		(4,310,205)		(637,054)		(4,947,259)
Total property, plant and equipment, net	$	11,350,088	$	474,765	$	11,824,853

 

Non-GAAP Financial Measures 

Below is a reconciliation of Moving and Storage non-GAAP financial measures as defined under SEC rules, such as earnings before interest, taxes, depreciation, and amortization ("EBITDA").  The Company believes that these widely accepted measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP.

Moving and Storage EBITDA (In thousands, unaudited)	TTM
		June 30,		March 31,		December 31,		September 30,		June 30,
		2023		2023		2022		2022		2022
Earnings from operations *	$	1,301,196	$	1,396,122	$	1,435,667	$	1,534,803	$	1,575,848
Depreciation		749,210		733,879		721,950		712,896		703,059
Net gains on disposals		(238,397)		(247,084)		(255,419)		(256,495)		(228,228)
Net (gains) losses on disposal of real estate		4,310		5,596		3,848		3,966		2,617
Depreciation, net of (gains) losses on disposals		515,123		492,391		470,379		460,367		477,448
EBITDA	$	1,816,319	$	1,888,513	$	1,906,046	$	1,995,170	$	2,053,296
* before insurance subsidiaries

 

 

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SOURCE U-Haul Holding Company

FAQ

What were the net earnings for U-Haul Holding Company in Q1 2024?

Net earnings for Q1 2024 were $256.8 million.

What was the percentage decrease in self-moving equipment rental revenues?

Self-moving equipment rental revenues decreased by 8.4%.

What was the increase in self-storage revenues?

Self-storage revenues increased by 14.9%.

What was the decrease in sales of self-moving and self-storage products and services?

Sales of self-moving and self-storage products and services decreased by 7.8%.

What was the decrease in operating earnings at the Moving and Storage segment?

Operating earnings at the Moving and Storage segment decreased by $94.9 million.

What was the cash and credit availability at the Moving and Storage segment as of June 30, 2023?

Cash and credit availability at the Moving and Storage segment was $2,792.4 million.