U-Haul Holding Company (NYSE: UHAL, UHAL.B) generates a steady flow of news through its U-Haul moving and storage operations, insurance subsidiaries and real estate activities. As parent to U-Haul International, Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, it issues updates that touch on transportation, self-storage, insurance and capital markets topics.
News about U-Haul often highlights its role as the No. 1 choice of do-it-yourself movers, its large fleet of trucks, trailers and towing devices, and its extensive network of more than 24,000 rental locations across all 50 states and 10 Canadian provinces. Releases also describe the company’s position as the third largest self-storage operator in North America, with over a million rentable storage units and tens of millions of square feet of storage space at owned and managed facilities.
Investors and observers can expect coverage of quarterly financial results, dividend declarations on the Series N Non-Voting Common Stock (UHAL.B), participation in investor forums, and operating metrics for the moving and storage segment. The company also issues frequent announcements about its U-Haul Growth Index, ranking states, metros and cities by net gains of one-way customers, which it presents as a gauge of migration trends.
Another recurring news theme is U-Haul’s disaster relief efforts, where it offers 30 days of free self-storage and U-Box container usage to communities affected by floods and other natural events. Updates on new repair shops, facility openings or changes, and community programs also appear. This news page brings these developments together so readers can follow how U-Haul Holding Company and its UHAL.B share class are evolving across moving, storage, insurance and real estate activities.
The U-Haul of Historical Milford has permanently closed after 44 years of operation. The 0.9-acre property will remain owned by U-Haul, which plans to lease the 6,556-square-foot building to a new tenant. Customers can access self-move services just three miles away at U-Haul Moving & Storage at Milford Parkway, which will introduce indoor climate-controlled storage options. The closure affected seven employees, and U-Haul continues its commitment to serving communities during the COVID-19 recovery with extensive safety measures.
AMERCO (Nasdaq: UHAL) reported a substantial increase in net earnings for Q1 fiscal 2022, reaching $345.2 million ($17.60 per share) compared to $87.7 million ($4.47 per share) last year. Key growth drivers included a 58.2% rise in self-moving equipment rental revenues, totaling $381.1 million, along with a 26.1% increase in self-storage revenues. Gross capital expenditures surged to approximately $304 million, while cash availability in the Moving and Storage segment improved to $1.54 billion. Operating earnings in this segment rose significantly by $331.3 million year-over-year.
AMERCO (Nasdaq: UHAL) announced an upgrade of the Financial Strength Rating to A (Excellent) and the Issuer Credit Rating of 'a' (Excellent) for its subsidiary, Oxford Life Insurance Company, by A.M. Best. This upgrade signifies the strong credit quality and business profile of Oxford Life. Mark A. Haydukovich, President of Oxford Life, attributed this success to their focus on affordable insurance solutions and maintaining fiscal discipline. Oxford Life aims to meet the needs of the growing senior market through innovative initiatives and distribution enhancements.
AMERCO (Nasdaq: UHAL) will report its first quarter fiscal 2022 financial results on August 4, 2021, after market close. An investor conference call will follow on August 5, 2021, at 8 a.m. Arizona Time (11 a.m. ET).
U-Haul, a subsidiary of AMERCO, operates the largest network of moving and storage centers, boasting over 23,000 locations, with a fleet that includes approximately 176,000 trucks and 812,000 storage units across North America.
U-Haul is organizing the North Texas Vehicle Adventure event on July 24 from 10 a.m. to 3 p.m. at U-Haul Moving & Storage of North Plano. The event aims to educate the community about trucks and trailers, featuring vehicles from U-Haul, local fire, police, and school district services. Families can explore vehicles, enjoy food from local vendors, and learn safe towing practices. U-Haul highlights its commitment to safety and community engagement, especially during COVID-19 recovery with enhanced sanitation measures.
U-Haul is offering free safety inspections on propane cylinders at over 1,100 locations ahead of Independence Day celebrations. Propane sales typically increase around this holiday, prompting U-Haul to encourage customers to take advantage of these inspections to ensure safe BBQ gatherings. Each propane cylinder is qualified for 12 years, with inspections helping to verify their safety. Customers may either requalify their tanks or purchase new ones. U-Haul emphasizes safety and sustainability, reflecting on the rising demand for propane during the COVID-19 pandemic.
U-Haul of Forest Park in Kenosha has permanently closed after 44 years of service as of June 24, 2021. The facility, operational since 1977, was sold to Grasscape Landscaping of Wisconsin. Customers can access U-Haul services just 1.5 miles away at the newly renovated U-Haul Moving & Storage of Kenosha. This location offers various moving and storage solutions, including climate-controlled storage units. U-Haul's recent closure reflects strategic business decisions influenced by market changes, resulting in the layoff of three employees.
U-Haul Co. of West Virginia has filed for voluntary Chapter 11 bankruptcy protection as of June 16, 2021, due to ongoing challenges including management turnover and high litigation costs, which have hindered cash flow. The company will continue operations without interruption, maintaining service to customers and supporting employees. The restructuring process follows a previous internal commitment to enhance its business and is backed by U-Haul International, which is negotiating a capital infusion to support the reorganization.
On June 9, 2021, AMERCO (Nasdaq: UHAL) declared a special cash dividend of $0.50 per share, payable on July 8, 2021, to shareholders on record as of June 24, 2021. This announcement reflects the company's robust financial standing and commitment to returning value to shareholders. AMERCO operates several subsidiaries, including U-Haul, which has established itself as a leader in the do-it-yourself moving industry since its inception in 1945.
U-Haul is set to host a grand opening for its new retail and indoor self-storage facility at Peach Street Marketplace in Erie, PA, on June 5. The event will run from 10 a.m. to 2 p.m. and will feature various festivities, including local food trucks and a live DJ. Attendees will also witness the reveal of the HAPPI Home Update contest winner, who will receive a prize package worth over $12,000, including a year's free storage. The facility boasts 748 indoor storage units and includes advanced security and climate-control options. This location marks one of three new U-Haul stores in Erie.