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By Denny Jacob
U-Haul Holding posted a decline in earnings and revenue as overall moving activity remained lower than prior levels.
The company, known for its moving and storage businesses, logged earnings available to common shareholders of $273.5 million, or $1.36 a share, for the second quarter ended Sept. 30, from $349.9 million, or $2.23 a share, a year earlier.
Revenue declined to $1.65 billion from $1.7 billion. Self-moving equipment rental revenue declined 8% from a year earlier, while self-storage revenue increased nearly 13% during the same period. Sales of self-moving and self-storage products and services decreased about 5.5% compared with the second quarter of fiscal 2023.
“Overall moving activity remains below the same period last year. This affects most of our product lines,” Chairman Joe Shoen said. “We are close to stabilizing In-town moving transactions by better inventory placement. This is slow going, but there are some gains available where inventory is optimized.”
Write to Denny Jacob at [email protected]
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