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Universal Technical Institute, Inc. (NYSE: UTI), headquartered in Scottsdale, Arizona, is a leading provider of post-secondary education for students pursuing careers in automotive, diesel, collision repair, motorcycle, and marine technologies. The institution has a rich history of producing skilled professionals, with over 180,000 graduates in its 49-year legacy.
UTI offers a variety of undergraduate degree and diploma programs at 11 campuses across the United States, and specialized manufacturer-specific training programs at dedicated centers. Their well-known brands include Universal Technical Institute (UTI), Motorcycle Mechanics Institute, Marine Mechanics Institute (MMI), and NASCAR Technical Institute (NASCAR Tech). This extensive network of campuses and specialized programs positions UTI as a pivotal institution in technical education.
Recent Achievements
Recently, UTI announced that the Federal Aviation Administration (FAA) approved the Airframe and Powerplant Technician program at its Miramar, Florida campus. This adds to their existing aviation programs at other campuses, enhancing their portfolio in the aviation industry. Additionally, UTI has rolled out 14 new programs nationally, aiming to provide educational opportunities to over 1,000 students annually in skilled trades and energy fields.
In another significant development, UTI partnered with the United Service Organizations (USO) to support military service members transitioning to civilian life through specialized training programs. They also formed an alliance with MileOne Autogroup to enhance their early employment program, offering students paid work opportunities while completing their education.
Financial Condition
As of the second quarter of fiscal 2024, UTI reported strong market demand across their expanding program offerings, generating double-digit start growth in both of their divisions: Universal Technical Institute and Concorde Career Colleges. UTI raised its fiscal year 2024 new student start, revenue, and profitability guidance, reflecting their strategic execution and growth momentum.
Partnerships and Programs
UTI continues to expand its partnerships with industry leaders like Interstate Batteries, ensuring students have access to state-of-the-art technology and resources. Their educational programs span various fields including HVACR, welding, and automotive technologies. Notably, the HVACR program expansion is underway at multiple campuses, responding to the industry's growing demand.
For more information, visit UTI's official website.
UTI-Canton has received a silver-level award from the Michigan Veterans Affairs Agency, recognizing it as a veteran-friendly institution. The campus, formerly known as MIAT-Canton, is part of Universal Technical Institute's transportation, skilled trades, and energy education division. The recognition comes from the Michigan Veteran-Friendly Schools Program, which acknowledges institutions supporting veterans and military-connected students. The campus provides veteran-centric services and programs, offering training in automotive, diesel, and motorcycle industries to help veterans transition from military service to civilian careers.
Universal Technical Institute (NYSE: UTI) has scheduled its fiscal fourth quarter and full year 2024 earnings conference call for November 20, 2024, at 4:30 p.m. ET. CEO Jerome Grant and Interim CFO Christine Kline will host the call to discuss financial and operational results for the period ended September 30, 2024. The call will include a Q&A session and will be available for replay through December 4, 2024.
Universal Technical Institute, part of Universal Technical Institute, Inc., has expanded its core automotive program to include new Battery Hybrid Electric Vehicle (BHEV) and Electric Vehicle (EV) courses at its Avondale and Orlando campuses. This expansion follows the deployment of similar enhancements at UTI's three California campuses. The new curriculum covers high-voltage vehicle operation, electric vehicle components, diagnosis, and service.
UTI Division President Tracy Lorenz emphasized the growing need for technicians trained in complex electric vehicles as their numbers increase on the roads. The company is evolving its curriculum to meet industry needs and working with OEM partners to update manufacturer-specific advanced training (MSAT) programs. Recent updates include EV curriculum additions to the Ford FACT and BMW FastTrack MSAT programs.
Universal Technical Institute-Sacramento has announced plans to offer a Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) program, pending regulatory approvals. This addition comes in response to the growing demand for skilled technicians in the field, with the U.S. Bureau of Labor Statistics projecting a 6% employment growth for HVACR mechanics and installers from 2022 to 2032.
The nine-month program will cover various aspects of HVACR systems, including air handling, hydronics, circuits, sheet metal ductwork, and troubleshooting. Once launched, the campus will offer HVACR alongside existing welding, automotive, and diesel education programs. This expansion aligns with UTI's strategy to meet the increasing demand for skilled technicians in temperature control systems across Northern California and the nation.
Concorde Career College-San Antonio (CCC) has been named 'School of the Year' by Career Colleges and Schools of Texas (CCST) for the second consecutive year. The award recognizes CCC's exemplary graduation and placement rates, community service, and legislative efforts. CCC's San Antonio campus exceeded programmatic outcomes for completion, licensure, and placement, with all programs achieving over 80% placement rates, several exceeding 90%, and the physical therapy assistant program reaching 100% job placement.
Notable achievements include the dental hygiene program's role in passing a state law allowing dental hygienists to administer local infiltration anesthesia, and providing dental care to over 300 children in Kingston through the Jamaica Outreach Program. The campus also received the 2022–2023 ACCSC School of Excellence Award from the Accrediting Commission of Career Schools and Colleges.
Universal Technical Institute (UTI) and Ford Motor Company are celebrating 25 years of partnership in educating students through Ford's Manufacturer Specific Advanced Training (MSAT) program. Over 29,000 students have graduated from this program since its inception. The 15-week Ford FACT program is offered at nine UTI campuses across the United States.
In 2022, UTI updated the Ford FACT curriculum to include electric vehicle coursework, covering high-voltage systems safety, hybrid and battery electric vehicle components, and high-voltage battery service. This update aligns with current technological advancements and industry standards.
According to Ford's TSO Technician Development Manager, FACT program graduates complete up to 70% of the training required for Ford and Lincoln Service Technicians, potentially reducing up to five years of in-dealership coursework. The program has also evolved to include EV and Mobile Service training, offering new career paths for technicians.
Universal Technical Institute, Inc. (UTI) announced a CFO transition as Troy Anderson resigns effective October 11, 2024. Christine Kline, Chief Accounting Officer, will serve as interim CFO during the search for a permanent replacement. CEO Jerome Grant praised Anderson's contributions to the company's North Star Strategy, including acquisitions, campus expansions, and program launches. UTI recently announced the second phase of this strategy, focusing on growth, diversification, and optimization across its two divisions: Universal Technical Institute and Concorde Career Colleges. The company aims for 10% revenue growth and an expanded Adjusted EBITDA margin of nearly 20% through fiscal 2029 while maintaining strong student and employer outcomes.
Universal Technical Institute (UTI) has expanded its BMW FastTrack MSAT program to include additional electric vehicle (EV) curriculum. Starting August 1, 2024, seven UTI campuses will teach the new EV curriculum using BMW i3 vehicles. The comprehensive training, developed by BMW North America, covers essential skills for handling high-voltage BMW Group vehicles, including charging modes, safety assessments, and EV evaluations. This expansion builds on UTI's 28-year relationship with BMW and aims to meet the growing demand for skilled technicians as EV purchases increase nationwide.
The program allows UTI's qualified FastTrack graduates to perform EV evaluations currently to Master-Level technicians. Students who complete the BMW FastTrack curriculum can earn seven BMW factory credentials and a BMW Associate Level Certification, with opportunities for further advanced training through the BMW STEP program.
Marine Mechanics Institute (MMI) announced that MarineMax, the world's largest recreational boat and yacht retailer, has joined its Tuition Reimbursement Program (TRIP). Under this program, MMI graduates hired by MarineMax can receive up to $10,000 in tuition reimbursement. The Marine Technician Specialist program at MMI prepares students for entry-level jobs in the marine industry, teaching them to work with various types of engines.
MarineMax operates over 130 locations worldwide, including 83 dealerships and 66 marina and storage facilities. The company is actively seeking enthusiastic technicians to support its growth. This partnership aims to provide a launchpad for graduates, enabling them to focus on their careers from day one while addressing the industry's demand for skilled marine technicians.
Universal Technical Institute's UTI-Dallas campus has been named a School of Excellence by the Accrediting Commission of Career Schools and Colleges (ACCSC) for the 2023-2024 accrediting period. This is the highest institutional distinction awarded by ACCSC and marks the second time UTI-Dallas has received this honor, with the previous recognition in 2017.
The award celebrates UTI-Dallas's adherence to rigorous accreditation standards and outstanding record of student accomplishment. The campus, which opened in 2010, offers programs in Automotive Technology, Diesel Technology, and Welding Technology. Out of 575 ACCSC-accredited schools, only 19 earned the School of Excellence award this period, highlighting UTI-Dallas's commitment to providing high-quality education and preparing students for in-demand careers in transportation, skilled trades, and the energy sector.
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