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U-Haul Admits EPS Calculation Error, Doesn’t Say It’s Fixed
Mystery mistake leaves investors wondering about the accuracy of firm’s two-class EPS calculations.
February 8, 2023
It’s not clear U-Haul Holdings (UHAL), a provider of do-it-yourself moving and storage services, has remedied the accounting error it just acknowledged. The company recently introduced a second class of stock— and now has Voting Common and Non-Voting Common shares. Earnings are divided between the two.
However, U-Haul was recently tripped up by the accounting required of the two classes, stating:
“The error arose during the preparation of the Form 10-Q and was due to our untimely review of the matter in connection with our financial reporting process, which constitutes a material weakness.”
Aside from boilerplate language— U-Haul says it’s fixing the deficiency and suggests the financials are accurate— the company did not quantify the error or provide revised EPS calculations or share counts.
DuDil has contacted U-Haul to learn whether its EPS figures are accurate and requested it elaborate on the error. The company did not immediately respond. We’ll update subscribers when new information is available.
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