U-Haul reports Q3 net loss of $37 mln

Overview

• Moving and storage company's Q3 net income fell to a $37 mln loss

• Self-storage revenues rose 7.9% yr/yr in Q3

Outlook

• U-Haul expects fleet depreciation losses to bottom out this calendar year

• Company aims to improve market penetration in U-Move segment

• U-Haul sees potential growth in underutilized fleet and self-storage capacity

Result Drivers

• SELF-STORAGE REVENUE GROWTH - Self-storage revenues increased 7.9% yr/yr, driven by new locations and increased revenue per foot

• UNDERUTILIZED CAPACITY - Company reported underutilized capacity in both fleet and self-storage, affecting earnings

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the ground freight & logistics peer group is "buy."

• Wall Street's median 12-month price target for U-Haul Holding Co is $74.00, about 28.6% above its February 3 closing price of $57.53

• The stock recently traded at 63 times the next 12-month earnings vs. a P/E of 83 three months ago

Press Release: ID:nBw48d8Hma

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