AMERCO (UHAL) Q4 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 26, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the AMERCO Fourth Quarter Fiscal 2022 Year-End Investor Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Sebastien Reyes. Please go ahead.

Sebastien Reyes

Good morning, and thank you for joining us today. Welcome to the AMERCO Fourth Quarter Fiscal 2022 Year-end Investor Call. Before we begin, I'd like to remind everyone that certain of the statements during this call, including, without limitation, statements regarding revenue, expenses, income and general growth of our business, may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Certain factors could cause actual results to differ materially from those projected. For a discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to Form 10-K for the year ended March 31, 2022, which is on file with the U.S. Securities and Exchange Commission.

I'll now turn the call over to Joe Shoen, Chairman of AMERCO.

Joe Shoen

Good morning, everyone. There are still a lot of stressed-out consumers in the moving and storage market. U-Haul has been blessed with the strong internal population migration over the past 2 years. Fortunately, we are having to scramble to meet current demand for moving equipment. There remains much inflation occurring in the vehicle market and elsewhere. We're simply having to manage with those facts.

Self-storage continues to fill at historically high rates. If we had more product, we could probably rent it. We will continue to build ground up and conversion projects. Jason has effectively capped our cost of borrowing for the near term. I have a solid team in place, and we are managing through the ever-changing environment. My thanks for your continued support.

Jason, do you want to…

Jason Berg

Thanks, Joe. Yesterday, we reported fourth quarter earnings of $4.42 a share. That's compared to $3.76 a share for the same period in fiscal 2021.

For the full year fiscal 2022, we reported net earnings of $57.29 a share as compared to $31.15 the year before. I'm going to start this morning discussing equipment rental revenue. We saw an increase of nearly 12% or about $79 million in the fourth quarter compared to the fourth quarter of the previous year.