U-Haul Holding Company Posts Higher 1Q Sales Despite Tepid Pickup, Van Release Market

Dow Jones08-06

U-Haul Holding posted higher sales in its first quarter, as storage unit rent is increasing and its rates are holding.

The moving and storage company posted net income of $122.9 million, or 58 cents a share, compared with $142.3 million, or 68 cents a share, a year earlier.

Revenue rose to $1.68 billion from $1.63 billion in the year-ago quarter. Analysts polled by FactSet expected $1.68 billion.

Chairman Joe Shoen said the pickup and van release market is tepid, but U-Haul was able to produce a gain on sales after several quarters of losses. He added that more improvement was needed as it completes new storage units faster than it is filling them.

Moving and storage earnings from operations decreased $8.1 million to $234.8 million year over year. Fleet depreciation expense increased $13.5 million sequentially.

Same-store occupancy decreased 4.5% in the quarter, while revenue per foot increased 7.6%.

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