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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) has partnered with Ignite Worldwide to offer $100,000 in tuition grants aimed at female and female-identifying students pursuing technical education and STEM careers. Applications are open until April 29, 2022, with winners announced on May 18, 2022. The scholarship initiative seeks to address the underrepresentation of women in STEM fields and responds to employer demand for skilled technicians. Grants range from $2,000 to $25,000 and are available for programs at UTI's campuses across multiple states.
Universal Technical Institute (NYSE: UTI) reported strong fiscal 2021 results with a 27.7% increase in Q4 revenue to $97.5 million and a full-year revenue of $335.1 million, up 11.4%. New student starts grew 6.8% in Q4 and 15.5% for the year. Q4 net income soared 86.7% to $12 million, with full-year net income reaching $14.6 million. The company expects fiscal 2022 revenue between $405 million and $420 million, with adjusted EBITDA of $50 million to $55 million. UTI's acquisition of MIAT College of Technology supports its growth strategy.
Universal Technical Institute (NYSE: UTI) has updated its curriculum to include Hybrid and Electric Vehicle technician training at its California campuses, aiming to address the rising demand for electric vehicle (EV) technicians. CEO Jerome Grant forecasts significant future demand due to increasing sales of zero-emissions vehicles. The initiative includes new coursework and partnerships with major manufacturers like Ford and Volvo. UTI is also planning to expand EV training programs to enhance its overall EV ecosystem in response to a projected 65% of new car sales being electric by 2030.
Universal Technical Institute (UTI) has successfully completed its $26 million acquisition of MIAT College of Technology, enhancing its educational offerings and expanding its reach into Texas and Michigan. The acquisition introduces eight new programs and strengthens UTI's growth strategy, aiming for double-digit annual revenue growth. MIAT reported $29 million in revenue and $3.9 million in adjusted EBITDA for the year ending September 30, 2021. UTI expects significant synergies and increased student enrollment through this strategic move.
Universal Technical Institute (NYSE: UTI) announced it will report its fourth quarter and full-year fiscal results for 2021 on November 17, 2021, after market close. CEO Jerome Grant and CFO Troy Anderson will discuss the results and operational performance in a conference call at 4:30 p.m. ET. Investors can listen live or access a replay through the company’s investor relations website. UTI is the leading provider of transportation technician training, with over 225,000 graduates and 12 campuses nationwide.
Universal Technical Institute (NYSE: UTI) has announced that Dr. Steven Coyle, their National Director of Counselor and Academic Relationships, has been appointed to the Texas Industrial Vocational Association's Board of Directors. With over 40 years of educational experience, Dr. Coyle aims to enhance career and technical education in Texas. UTI, with campuses in Houston, Dallas-Fort Worth, and an upcoming location in Austin, partners with industry leaders to provide training in automotive and technical fields, contributing to the workforce's demand for skilled technicians.
Universal Technical Institute (UTI) and IGNITE Worldwide have launched a partnership aimed at increasing the participation of women in skilled trades. The collaboration includes $100,000 in education grants for the 2021/2022 academic year and interactive STEM events at UTI campuses across the U.S. Research indicates that gender-diverse companies are more productive, yet women comprise only 25% of STEM workers. The initiative provides multiple grants, including a $25,000 grant, for eligible female high school seniors attending IGNITE events. The first event takes place on September 24 in Phoenix.
Universal Technical Institute (NYSE: UTI) announced the launch of the BMW FastTrack program, set to begin in January 2022, at its campuses in Avondale, Arizona, and Orlando, Florida, followed by Long Beach, California in May 2022. This program replaces the BMW STEP program and aims to train more students, featuring 12-week intensive sessions on current BMW models. Upon completion, participants can achieve BMW's Associate Level status, qualifying them for entry-level positions at BMW dealerships across the U.S.
Universal Technical Institute and BMW of North America have partnered to launch the BMW MSTEP (Military Service Technician Education Program) at Fort Bragg, N.C.. The 16-week program offers training for service members transitioning to civilian life, focusing on BMW-specific technologies. Graduates will receive employment assistance at authorized U.S. dealers, addressing the ongoing need for skilled technicians in the automotive industry. This initiative expands BMW's commitment to support military personnel and tackle technician shortages.
Universal Technical Institute (UTI) is expanding its Welding Technology Training Program to the NASCAR Technical Institute in Mooresville, N.C., marking the eighth rollout of this program across its campuses. Set to start in January 2022, the 36-week course addresses the high demand for welders in various industries, including automotive and aerospace. UTI anticipates strong enrollment driven by local employer needs, particularly noted by LA West, Inc., seeking skilled welders. The program is developed in collaboration with Lincoln Electric (LECO), a leader in the welding sector.
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