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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 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.
Universal Technical Institute (NYSE: UTI) will participate in the Canaccord Genuity Growth Conference on August 11, 2021, at 3:00 PM ET. CEO Jerome Grant and CFO Troy Anderson will engage in a fireside chat, followed by one-on-one investor meetings. A live and archived webcast of the discussion will be accessible on the UTI investor relations website for 90 days post-event. Established in 1965, UTI has trained over 225,000 graduates, offering programs in automotive, diesel, and other technical fields across 12 campuses nationwide.
Universal Technical Institute (NYSE: UTI) reported a strong fiscal Q3 2021, with revenue of $83.8 million, up 53.8% year-over-year, and a net income of $3.0 million, recovering from a $13.3 million loss. New student starts rose 38.8%, reflecting strong demand post-pandemic. Adjusted EBITDA improved to $7.2 million. Operating expenses were $80.7 million, up 18.2%. Management remains optimistic, reaffirming fiscal year guidance and highlighting a growing liquidity position of $103.1 million.
Universal Technical Institute (NYSE: UTI) has launched the Toyota Professional Automotive Technician (TPAT) program in Rancho Cucamonga, designed to tackle the shortage of skilled auto technicians in Southern California. The first cohort began a 12-week course focusing on Toyota and Lexus certifications, aiming to meet the high demand for technicians in the region. With over 100,000 technician openings annually, this initiative seeks to prepare students for careers in a booming automotive market. Local employers express eagerness to hire UTI graduates, further solidifying the partnership's potential impact.
Universal Technical Institute (NYSE: UTI) has announced plans to report its third quarter results for fiscal 2021, ending June 30, 2021, on August 2, 2021, post-market close. A conference call featuring CEO Jerome Grant and CFO Troy Anderson will take place at 4:30 p.m. ET to discuss the financial outcomes and operating performance. Investors can join via phone or through a live webcast on the company's investor relations website.
Universal Technical Institute (NYSE: UTI) will attend the G.research Microcap Symposium on May 18, 2021. CEO Jerome A. Grant and CFO Troy R. Anderson will present at 1:30 p.m. ET. The event will feature one-on-one investor calls throughout the day. A live and archived webcast of the presentation will be available on UTI's investor relations site. UTI, a leader in technician training, has over 220,000 graduates and offers programs in automotive, diesel, and more across 12 campuses nationwide.
Universal Technical Institute (NYSE: UTI) reported Q2 fiscal 2021 results with revenue of $77.7 million, a 6.1% decline year-over-year. New student starts rose by 14.9%, reflecting strong demand, while average active students increased by 10.8%. The company plans to launch two new campuses and acquire MIAT College of Technology to diversify and expand into high-demand fields. Despite operating losses of $1.7 million, management reaffirmed 2021 guidance, anticipating revenue growth over $500 million by fiscal 2025 with adjusted EBITDA margins exceeding 20%.
On May 4, 2021, Universal Technical Institute (NYSE: UTI), in partnership with Team Penske and Würth, announced recognition for 480 instructors during the NASCAR Cup Series race at Dover on May 16, 2021. This initiative highlights the efforts of educators providing training amid the COVID-19 pandemic. The car of Brad Keselowski will feature their names, celebrating National Teacher Appreciation Week. UTI has graduated over 220,000 students and maintains industry partnerships to meet workforce demands in automotive and related fields.
Universal Technical Institute (NYSE: UTI) announces the appointment of former Congresswoman Loretta L. Sanchez to its Board of Directors. Sanchez served in Congress from 1997 to 2017, focusing on education and technical skills training. Her experience includes roles on various committees related to education and security. Currently, she is CEO of Datamatica LLC and holds positions on the boards of other educational institutions. UTI's CEO, Jerome Grant, expressed confidence that Sanchez's expertise will enhance the organization's focus on career pathways and technical education.
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