Q4 2024 U-Haul Holding Co Earnings Call Transcript
Key Points
- U-Haul Holding Co (UHAL) reported a slight improvement in quarterly operating cash flow or EBITDA.
- The company experienced a year-over-year improvement in equipment rental revenue for the first time in 19 months.
- Self-storage revenues were up $17.5 million or 9% for the quarter and $86.5 million or 12% for the full fiscal year.
- The company added 2,424,000 new net rentable square feet in the quarter, with a robust pipeline of active and pending projects.
- Fleet repair and maintenance costs have shown improvement for the second consecutive quarter.
- U-Haul Holding Co (UHAL) reported a fourth-quarter loss of $863,000 compared to earnings of $37.4 million for the same quarter last year.
- Full fiscal year earnings declined to $628.7 million from $924.5 million in the previous year.
- Personnel costs have increased due to government wage mandates and inflation.
- The company experienced a $32 million decrease in gains from the disposal of equipment compared to the fourth quarter of last year.
- Occupancy ratio for self-storage decreased by 140 basis points to just under 80%, largely due to the addition of new units.
Hello, and welcome to the U-Haul Holding Company fourth-quarter fiscal year-end 2024 investor call. (Operator Instructions) Please note that this call is being recorded and I will be standing by should anyone need assistance. I would now like to turn the conference over to Sebastien Reyes. Please begin.
Good morning, thank you for joining us today and welcome to the U-Haul Holding Company fourth-quarter fiscal 2024 year end investor call. Before we begin, I'd like to remind everyone that certain of the statements during this call, including without limitation, statements regarding revenue, expenses, income, and general growth of our business may constitute forward-looking statements within the meaning of the Safe Harbor provisions of Section 27 A of the Securities Act of 1933 as amended, and Section 21 E of the Securities Exchange Act of 1934 as amended. Forward-looking statements are inherently subject to risks and uncertainties. Some of which cannot be predicted or quantified.
Certain factors could cause actual
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