AMERCO ( (UHAL) ) has released its Q1 earnings. Here is a breakdown of the information AMERCO presented to its investors.
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U-Haul Holding Company, a leader in the shared-use business, is renowned for its self-moving and self-storage services, operating across North America with a vast network of locations. In its latest earnings report for the first quarter of fiscal 2026, U-Haul Holding Company reported net earnings of $142.3 million, a decrease from $195.4 million in the same period last year, with earnings per share for Non-Voting Shares (UHAL.B) also dropping from $1.00 to $0.73. Despite the decline in net earnings, the company saw an increase in revenues from self-moving and self-storage services, reflecting growth in these segments.
The company’s Moving and Storage earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by $30.6 million to $545.3 million compared to the previous year. However, the earnings from operations in this segment decreased by $52.2 million due to increased depreciation expenses and losses from the disposal of retired rental equipment. Self-storage revenues saw an 8.6% increase, and the company expanded its footprint by adding 15 new locations with 1.2 million net rentable square feet.
Self-moving equipment rental revenues grew by 4.3%, driven by an increase in revenue per transaction and an expansion in the number of retail locations and rental fleet. The U-Box product offering also contributed to revenue growth, with a 15.6% increase in other revenue for Moving and Storage. However, the company faced challenges with increased fleet maintenance and repair costs, which rose by $5.2 million.
Looking ahead, U-Haul Holding Company is focused on navigating the challenges posed by increased costs and depreciation expenses. The management remains committed to expanding its services and facilities, with approximately 14.8 million net rentable square feet in development or pending. The company continues to seek support from regulatory bodies to develop economical and effective products for its fleet, aiming to enhance its service offerings and maintain its leadership in the industry.