2024-05-30 16:25:23 ET
U-Haul Holding Company (UHAL)
Q4 2024 Results Conference Call
May 30, 2024 11:00 AM ET
Company Participants
Sebastien Reyes - Director of IR
Joe Shoen - Chairman
Jason Berg - CFO
Conference Call Participants
Keegan Carl - Wolfe Research
Steven Ralston - Zacks
David Silver - CL King
Jamie Wilen - Wilen Management
Stephen Farrell - Oppenheimer + Close
Presentation
Operator
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'll be standing by should anyone need assistance. I would now like to turn the conference over to Sebastien Reyes. Please begin.
Sebastien Reyes
Good morning. And thank you for joining us today. 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 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. I'll now turn the call over to Joe Shoen, Chairman of U-Haul Holding Company.
Joe Shoen
Good morning. Thanks for joining the call today. The huge price increases that Ford and GM put in over the last three years are manifesting themselves in less gain on sale. There's abundant product in the resale market and resale pricing increases have so far failed to parallel new vehicle pricing increases. How this will go into the fall is still a guess. Positively repair has come down and has the potential to come down more as we trade vehicle depreciation expense or vehicle repair expense. Ordinarily this is a positive trade-off. Recent consumer confidence reports indicate some chance for an upturn in miles traveled per rental. So far, consumers remain cautious in our experience. Personnel costs are up to combination of government wage mandates and inflation. Our best way to combat this is through increased productivity primarily at the retail level. This is through better IT and whatever product improvements we can achieve. We continue to expand our footprint in self storage. We are still filling rooms but at a slower rate than we are adding them. We have the broadest footprint in the self storage business, yet there are still many markets I believe it is smart for us to expand into. Both moving and storage are need based businesses. We of course aim to be the customer's best choice. I encourage you to patronize our products and services and encourage your friends to do the same. Look forward to talking to you in the Q&A section. Jason?...
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U-Haul Holding Company (UHAL) Q4 2024 Earnings Call Transcript