The Top 5 Analyst Questions From U-Haul’s Q2 Earnings Call

U-Haul’s second quarter saw positive market reaction, as management pointed to growth in its core moving and storage segments despite reported earnings per share coming in below Wall Street expectations. CFO Jason Berg emphasized the impact of higher fleet depreciation and losses on equipment sales, noting, “Of the $0.27 decline in earnings per share...$0.21 is from fleet depreciation and $0.12 is from the increase in losses on rental equipment sales.” The company’s steady revenue growth was attributed to increased equipment rental rates and continued expansion in both self-storage and U-Box portable storage solutions.

Is now the time to buy UHAL? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From U-Haul’s Q2 Earnings Call

• Steven Ralston (Zacks) asked about the long-term potential for U-Box. Vice Chairman Sam Shoen responded that it is too early to quantify, but he is optimistic U-Box could rival the main rental business if consumer understanding improves.
• Steven Ramsey (Thompson Research Group) inquired about whether U-Box One-Way transactions are outpacing traditional rentals. Shoen confirmed U-Box growth is leading, and expects this trend to continue as U-Box gains share.
• Steven Ramsey (Thompson Research Group) questioned margin dynamics given higher growth in storage and U-Box. CFO Jason Berg explained that while these segments help margins, fleet depreciation and liability costs have been a drag, with potential improvement as storage matures.
• Steven Ramsey (Thompson Research Group) asked about the sustainability of storage development spending. Berg noted that spending is being moderated to maintain balance with fleet needs, targeting manageable annual development levels.
• Andy Liu (Wolfe Research) probed whether transaction trends showed improvement month-to-month. Berg said revenue is trending up year-over-year, but transaction gains have not yet consistently materialized, though the company is seeing some positive weeks.

Catalysts in Upcoming Quarters

Looking forward, the StockStory team will be monitoring (1) how quickly U-Haul can drive occupancy in newly developed storage units to unlock margin gains, (2) the pace at which U-Box adoption expands across the company’s network and gains consumer awareness, and (3) whether fleet depreciation and liability costs begin to moderate as management expects. Execution against these priorities will be critical for margin recovery and sustained growth.

U-Haul currently trades at $57.65, up from $56.62 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free).

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