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U-Haul Holding Co Com (UHAL+0.11%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in self-moving equipment rental revenues to $878,585,000 from $839,801,000 in the same quarter the previous year. This increase was attributed to improved In-Town transactions and revenue per transaction across both In-Town and one-way markets.
Self-storage revenues rose to $227,125,000, up from $210,517,000 in the previous year, driven by a 6.8% increase in the average monthly number of occupied units and a 0.9% improvement in average revenue per occupied foot.
Sales of self-moving and self-storage products and services were relatively stable at $70,407,000 compared to $70,344,000 in the previous year, with an increase in propane sales offset by a decrease in reported sales of hitches and moving supplies due to a change in property management.
Property management fees decreased to $8,869,000 from $10,138,000, primarily due to reduced management incentive fees following a property transaction involving Mercury Partners.
Net investment and interest income decreased to $40,536,000 from $57,457,000, largely due to a change in presentation of interest income within the Moving and Storage segment.
Operating expenses increased to $782,351,000 from $770,405,000, with higher personnel and liability costs, although repair costs for the rental fleet decreased.
Depreciation expenses rose significantly to $246,091,000 from $173,648,000, reflecting higher costs of new fleet additions and decreased resale values.
Interest expense increased to $76,581,000 from $67,450,000, reflecting a higher average cost of debt.
Net earnings available to common stockholders were $67,166,000, down from $99,224,000 in the previous year, impacted by increased costs and expenses.
The company continues to focus on expanding its dealer and center network and increasing the availability of rental equipment and storage units to meet customer demand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the U-Haul Holding Co Com quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.