U-Haul (NYSE:UHAL) shares slowed in extended trading after the company’s first-quarter results of fiscal 2024 disappointed on earnings.
The company posted revenue of $1.54 billion, down from $1.6 billion a year earlier but above Street expectations of $1.5 billion. Earnings were $1.27 per share, missing expectations of $1.43.
Self-moving equipment rental revenues decreased 8.4% year-over-year to $999.2 million, as transactions and average miles driven per transaction both came in lower. Self-storage revenue rose nearly 15% to $198.9 million.
“Moving and storage is a highly competitive business,” chairman Joe Shoen said in a statement. “Our customers have many choices. Our opportunity is to make U-Haul products and services the customer’s best choice. I am focused on the implementation of our customer focused programs.”
U-Haul also said it upped the number of retail locations, independent dealers, trucks and trailers in the rental fleet.
Shares of U-Haul were down 3.13% ahead of the bell on Thursday changing hands at $55.14.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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