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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.
Universal Technical Institute (UTI) appoints Timothy Dauber as the new Campus President of UTI-Orlando. This move coincides with the completion of a consolidation project merging UTI's automotive and diesel training with its motorcycle and marine programs at a single location. The reconfigured campus now occupies about 75,000 square feet less than before. Dauber, who brings over 25 years of experience in education and management, is expected to enhance student success and align training with industry needs.
Universal Technical Institute (UTI) has announced the expansion of its Early Employment Program at its Lisle, Illinois campus in partnership with LRS. This initiative allows students to gain hands-on experience and earn competitive wages while studying. Graduates who join LRS full-time can receive up to $20,000 in student loan reimbursement. The program pairs students with Mentor Mechanics for practical training, addressing the need for skilled technicians in the industry.
Universal Technical Institute (UTI) has partnered with Bosch to develop new courseware aimed at addressing the increasing demand for skilled technicians in the electric vehicle (EV) sector. This initiative is part of UTI's broader EV strategy to enhance technician training and certification programs. The courseware, expected to launch at UTI's Sacramento campus in fall 2022, includes comprehensive modules on battery electric vehicle operation and diagnostics. A report indicates that 65% of new car sales may be electric by 2030, underscoring the urgency of this training.
Universal Technical Institute (UTI) has appointed Shannon Okinaka, former CFO of Hawaiian Airlines, to its Board of Directors effective March 9, 2022. Okinaka, a seasoned financial leader with over 20 years of experience, will also join the Audit Committee. Her expertise is expected to guide UTI as it expands its educational offerings. The company also announced the retirement of Kim McWaters from the board, who served for 17 years. UTI aims to address the growing skilled workforce demand in various industries, emphasizing its commitment to student outcomes.
Universal Technical Institute (UTI) has launched the BMW FastTrack technician training program at its Orlando, Florida campus. This 12-week program, in collaboration with BMW, prepares students with industry-specific training for BMW vehicles, covering technologies such as workshop, electrical, chassis, and drivetrain. Graduates can earn seven BMW factory credentials and may apply for further training in the BMW STEP program. UTI aims to address the growing need for skilled BMW technicians, enhancing job readiness for graduates while offering potential tuition reimbursement and incentives from BMW dealerships.
Universal Technical Institute (UTI) announced a new curriculum for its Ford FACT (Ford Accelerated Credential Training) program, focusing on electric vehicle (EV) repair and maintenance. The curriculum includes courses on High Voltage Systems Safety and Battery Electric Vehicle components, addressing the growing demand for skilled automotive technicians in the EV market. UTI has partnered with Ford for over 20 years, with 25,000 graduates from the program. The initiative aims to equip students with critical skills and certifications to meet the evolving needs of the automotive industry.
Universal Technical Institute (UTI) announced the acquisition of a 72% stake in its Lisle, Illinois campus from iStar Net Lease I LLC, achieving 100% ownership through its subsidiary, 2611 Corporate West Drive Ventures. The cash purchase price was $28.2M, along with assuming $18.5M in existing debt. This move supports UTI's long-term strategy of campus optimization, providing benefits in EBITDA and cash flow. The Lisle campus, which serves over 900 students, features advanced training programs and has room for more students, reinforcing UTI's commitment to quality education in automotive and diesel fields.
Universal Technical Institute (NYSE: UTI) reported substantial financial growth for Q1 FY2022, with revenue soaring 38% to $105.1 million. Average active undergraduate students rose by 16.2%, and net income reached $14.8 million, significantly up from $1.1 million in the prior year. The acquisition of MIAT College of Technology contributed to these results, with a focus on operational efficiency and expansion plans for new campuses in Austin and Miramar. Management anticipates continued strong growth despite potential impacts from COVID variants.
Universal Technical Institute (NYSE: UTI) announced it will report its first-quarter fiscal year 2022 results on February 3, 2022, after market close. CEO Jerome Grant and CFO Troy Anderson will host a conference call at 4:30 p.m. Eastern Time for discussion of the results and operational performance. Investors can access the call by dialing (844) 881-0138 domestically or (412) 317-6790 internationally, with a live webcast available on the company's investor relations website.
Lazydays Holdings has announced a leadership transition as William P. Murnane steps down as Chairman and CEO. Effective January 1, 2022, Robert DeVincenzi, currently the lead independent director, will take on the role of Interim CEO, while Christopher Shackelton becomes the new Chairman. Murnane's resignation was notified on December 22, 2021, with the transition date moved up from March 16 to January 1. The Board is engaging an executive search firm to find Murnane's successor. DeVincenzi aims for a seamless transition and intends to review the company's capital allocation strategy.
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