Why Investors Bailed on U-Haul Stock Today
U-Haul Holding (NYSE:UHAL) had a Wednesday to forget on the market. The storied do-it-yourself moving specialist's share price cratered by more than 16% on the day after it published its latest set of quarterly earnings. That decline was far steeper than the 0.6% dip of the S&P 500 index.
For its fourth quarter of fiscal 2023, U-Haul's consolidated revenue came in at just under $1.19 billion, which was marginally lower on a year-over-year basis. On the bottom line, net income according to generally accepted accounting standards (GAAP) fell rather steeply, declining to $37.7 million ($0.16 per share) from the fourth quarter 2022 profit of $86.7 million.
While its revenue broadly met analyst expectations, U-Haul missed badly on profitability, likely a major reason for the sharply negative market reaction. On average, prognosticators following the stock were modeling $0.50 per share for that always-critical line item.
Source Fool.com
