U-Haul Holding Company reported net earnings available to shareholders of $67.2 million for its third quarter ended December 31, 2024, a decrease from $99.2 million in the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) fell to $0.35 for Q3 FY25, compared to $0.51 for Q3 FY24. This marks a continued decline in profitability.
Consolidated revenue for Q3 FY25 increased by 3.7% to $1,388.6 million, up from $1,339.5 million in the prior year. Self-moving equipment rental revenues rose by 4.6% to $878.6 million, and self-storage revenues grew by 7.9% to $227.1 million. Despite revenue growth, the Moving and Storage segment's earnings from operations decreased to $127.3 million from $180.5 million.
Profitability was significantly impacted by increased depreciation expense on rental equipment, which reached $178.0 million in Q3 FY25, up from $143.8 million in Q3 FY24. Additionally, net gains on disposals of rental equipment decreased substantially to $3.8 million from $36.4 million in the prior year. The average monthly occupancy rate for owned self-storage units also declined to 78.7% from 81.8%.
Total debt increased to $6,929.6 million as of December 31, 2024, up from $6,471.4 million a year prior, and the net debt to EBITDA ratio rose to 3.7x from 3.0x. Chairman Joe Shoen noted that moving activity increased, and the company is making improvements to reduce customer friction. However, cost pressures continue to affect the bottom line.
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