2024-02-08 15:14:09 ET
U-Haul Holding Company (UHAL)
Q3 2024 Earnings Conference Call
February 8, 2024 10:00 AM ET
Company Participants
Sebastian Reyes – Director-Investor Relations
Joe Shoen – Chairman
Jason Berg – Chief Financial Officer
Conference Call Participants
Steven Ralston – Zacks
Keegan Carl – Wolfe Research
Jamie Wilen – Wilen Management
Craig Inman – Artisan Partners
Stephen Farrell – Oppenheimer
Presentation
Operator
Good morning. My name is Laura, and I will be your conference operator today. At this time, I would like to welcome everyone to the U-Haul Holding Company Third Quarter Fiscal 2024 Investor Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
Mr. Sebastian Reyes, you may begin your conference.
Sebastian Reyes
Good morning, and thank you for joining us today. Welcome to the U-Haul Holding Company third quarter of fiscal 2024 investor call. Before we begin, I’d like to remind everyone that certain of the statements during this call including without limitations, 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 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended.
Forward-looking statements are inherently subject to risk and uncertainties, some of which cannot be predicted or quantified. Certain factors could cause actual results to differ materially from those projected. For discussion of the risks and uncertainties that may affect the company’s business, and future operating results, please refer to the company’s public SEC filings and Form 10-Q for the quarter ended December 31, 2023, which is on file with the U.S. Securities and Exchange Commission.
I’ll now turn the call over to Joe Shoen, Chairman of U-Haul Holding Company.
Joe Shoen
Well, thank you all for joining us again for our quarterly report. There have been few positive signs in the consumer demand for either truck sharing or self-storage rentals. Our U-Box continues to grow, but it is simply too small a part of the total market to be considered as an indicator of moving and storage demand.
We are making some modest progress in backfilling the voids created in our fleet by vehicle manufacturers unwillingness to build sufficient truck product basically since the beginning of COVID. This will take several years to work its way completely through the fleet assuming someone will build trucks.
We continue to build and buy self-storage. I believe the right locations managed over a period of years are a good investment for the company. Everybody has their own opinion of what’s going on in this market. Rising costs continue to pressure U-Haul and our customers. We are often unable to accurately predict future costs or to hedge them....
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U-Haul Holding Company (UHAL) Q3 2024 Earnings Call Transcript