2023-05-31 12:14:42 ET
- Shares of U-Haul ( NYSE: UHAL ) fell as much as 13.1% on Wednesday after the company reported a large profit miss for the fourth quarter.
- On Tuesday after the bell, the truck and trailer rental company reported Q4 GAAP EPS of $0.16, missing estimates by 38 cents. Revenue of $1.19 billion was in line with estimates but was down 0.8% from last year.
- The company's Q4 net earnings more than halved to $37.7 million from $86.7 million last year.
- Commenting on results, chairman Joe Shoen said, "Overall moving activity has returned to more historic trends. Self-storage is not as hot as 24 months ago, but we are still building and filling new units."
- U-Haul's self-moving equipment rental revenue came in at $726.3 million, and self-storage revenue was $195.2 million for Q4.
- For 2023, capex for gross rental equipment was about $1.3 billion, compared with ~$1.1 billion last year.
- The company said its capex for the rental fleet is expected to increase in fiscal 2024, depending on manufacturer availability.
- UHAL stock will wipe off all YTD gains if current session losses hold.
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U-Haul stock slides after Q4 profit miss