U-Haul Reports Significant Drop in Net Earnings

U-Haul Holding Company (NYSE: UHAL, UHAL.B) has reported its fiscal 2024 financial results, revealing a significant drop in net earnings available to shareholders for the year ended March 31, 2024. The company's net earnings stood at $628.7 million, down from $924.5 million for the same period last year. Notably, for the quarter ended March 31, 2024, the company reported net losses available to shareholders of ($0.9) million, in contrast to net earnings of $37.4 million for the same period last year.

In terms of specific financial metrics, self-moving equipment rental revenues decreased by $10.0 million, or 1%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023. For the full year, these revenues were down $253.2 million, or 7%, compared with fiscal 2023. Additionally, self-storage revenues saw a positive trend, increasing by $17.5 million, or 9%, in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023. For the full year, self-storage revenues increased by $86.6 million, or 12%, compared with fiscal 2023.

The company noted specific changes in various expenses. Fleet maintenance and repair costs decreased by $11.0 million in the fourth quarter of fiscal 2024 compared with the same period last year but increased by $33.0 million for the full year of fiscal 2024 compared with the same period last year. Moreover, other operating costs at the moving and storage segment increased by $21.3 million in the fourth quarter compared to the same period last year and $66.7 million for the full fiscal year 2024, with personnel costs accounting for a significant portion of the increase.

In terms of capital expenditures, gross rental equipment capital expenditures for fiscal 2024 were approximately $1,619 million, up from approximately $1,299 million for fiscal 2023. The company also highlighted that spending on real estate-related acquisitions and projects decreased by approximately $83 million to $1,258 million in fiscal 2024 compared with fiscal 2023.

Furthermore, cash and credit availability at the moving and storage operating segment was $1,886.3 million and $2,499.2 million as of March 31, 2024, and 2023, respectively.

The company also declared a cash dividend on its non-voting common stock of $0.05 per share, which was paid on March 28, 2024.

These financial results are expected to be further discussed when U-Haul Holding Company files its 10-K on Thursday, May 30, 2024, and holds its investor call for fiscal 2024 on the same day at 8 a.m. Arizona time.

As a result of these announcements, the company's shares have moved -1.8% on the market, and are now trading at a price of $62.87. For the full picture, make sure to review U-Haul's 8-K report.

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