U-Haul Holding Company shares fell more than 4% after the company’s fiscal second-quarter results missed expectations.
The moving vehicle rental company posted earnings of $1.36 per share on revenue of $1.64 billion, compared to expectations of $1.76 per share on revenue of $1.65 billion.
Self-moving equipment rental revenue fell by $92.6 million, or 8%, year-over-year, as transactions, revenue and average miles driven per transaction all decreased. Self-storage revenue rose by $23.3 million, or 12.6%.
"Overall moving activity remains below the same period last year. This affects most of our product lines," chairman Joe Shoen said in a statement. "We are close to stabilizing In-town moving transactions by better inventory placement. This is slow going, but there are some gains available where inventory is optimized. Implementation of existing programs is our best choice at this time."
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