U-Haul Holding Company signaled a sharp pullback in fleet spending, with CFO Jason Berg projecting a decrease of over $500 million in net fleet investing over the back three quarters of the fiscal year. The company reported first-quarter earnings of $123 million, or $0.63 per nonvoting share, down from $142 million, or $0.73 per share, a year earlier. Equipment rental revenues rose $29 million, but moving and storage operating expenses increased $55 million, including a nearly $22.5 million jump in freight and shipping costs tied to U-Box containers. CEO Edward Shoen highlighted a push to add 3,000 independent dealer locations, noting the company is halfway to that goal. The company also detailed continued buyback execution under its $350 million authorization, with about $242 million remaining.
U-Haul Holding CompanyEarnings down and fleet spending cut by over $500 million, signaling reduced growth.
