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Mar 31, 2024
U-Haul Q4 2024 Earnings Report
U-Haul reported a net loss for Q4 2024, with self-storage revenues increasing but offset by declines in self-moving equipment rentals and increased operating costs.
Key Takeaways
U-Haul Holding Company reported a net loss of $0.9 million for the quarter ended March 31, 2024, compared to a net income of $37.4 million for the same period last year. Self-storage revenues increased by 9%, while self-moving equipment rental revenues decreased by 1%. The company is focused on self-storage expansion and managing pricing pressures.
Net losses available to shareholders were ($0.9) million, a decrease compared to net earnings of $37.4 million in the same quarter last year.
Self-moving equipment rental revenues decreased by 1% in Q4 2024.
Self-storage revenues increased by 9% in Q4 2024.
Occupancy across the entire self-storage portfolio decreased 1.4% to 79.8%.
U-Haul
U-Haul
U-Haul Revenue by Segment
Revenue by Segment
Self-moving equipment rentals Revenue
CapyFin.comSelf-storage Revenue
CapyFin.comProducts & service sales Revenue
CapyFin.comProperty management fees Revenue
CapyFin.comLife insurance premiums Revenue
CapyFin.comProperty casualty insurance premiums Revenue
CapyFin.comNet investment & interest income Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
U-Haul anticipates increased capital expenditures for the rental fleet in fiscal 2025, depending upon manufacturer availability. The company is focused on self-storage expansion and managing pricing pressures.
Positive Outlook
- Capital expenditures for the rental fleet are expected to increase in fiscal 2025.
- Company is focused on self-storage expansion.
- Team in place is solid and focused.
- March monthly revenue slightly better than the same period last year.
- Improved rotation of new trucks into the fleet and older trucks out of the fleet.
Challenges Ahead
- Still a bit shy of where I expected to be on One-way moving transactions.
- Rate cutting across many markets could erode our so far firm self-storage pricing.
- Net losses from the disposal or retirement of land and buildings increased $2.0 million for the quarter.
- Personnel costs accounted for an $8.8 million increase for the quarter.
- Occupancy across the entire portfolio decreased 1.4% to 79.8% from the fourth quarter of last year to this year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income