The company did not provide specific financial guidance for the current quarter or full year in the press release.
Overview
U.S. moving and storage firm's fiscal Q1 revenue rose 3%, net earnings declined year over year.
The company saw higher self-moving equipment rental and self-storage revenues in the quarter.
U-Haul repurchased $48 million of common and non-voting shares in Q1.
Result drivers
Rental revenue growth — Self-moving equipment rental revenues increased 2.8% year over year, driven by higher transactions in both In-Town and One-Way markets.
Self-storage revenue — Self-storage revenues rose 6.8% year over year, though occupancy declined as new units outpaced rent-up.
Resale market improvement — The company achieved a gain on sale of pickup trucks and vans after several quarters of losses, according to Chairman Joe Shoen.
Analyst coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell."
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