Universal Technical Institute, Inc. - UTI STOCK NEWS

Universal Technical Institute (NYSE: UTI) announced its acquisition of MIAT College of Technology from HCP & Company. The transaction, approved by both companies' boards, aims to expand UTI's educational offerings in high-demand fields such as aviation maintenance and welding. MIAT, which serves approximately 1,200 students, reported revenue of $25 million and adjusted EBITDA of $3.5 million in 2020, showing over 20% growth in revenue for the past two years. The acquisition will enhance UTI's market presence and align with emerging industry trends around sustainable energy and technological advancements.

Universal Technical Institute (NYSE: UTI) announced plans to open a new campus in Austin, Texas, set to launch in the second quarter of fiscal 2022. This will be UTI's thirteenth campus nationwide and third in Texas, following Houston and Dallas-Fort Worth. The new 100,000 square foot facility will support a blended-learning curriculum, with initial programs including Automotive, Diesel, and Welding Technology. UTI aims to enhance industry-aligned training and meet the rising demand for skilled technicians in the local market, continuing its growth and diversification strategy.

Universal Technical Institute (UTI) reported its fiscal Q1 2021 results, ending December 31, 2020. New student starts rose by 20.9% year-over-year, while average enrollments grew by 1.8%. However, revenues fell 12.7% to $76.1 million, attributed to a decrease in average revenue per student due to COVID-19 impacts. Adjusted free cash flow was $5.8 million, down from $7.0 million in the prior year. Despite the challenges, UTI remains optimistic about future growth driven by an enhanced focus on student outcomes and operational efficiency.

Universal Technical Institute (NYSE: UTI) announced the launch of its first agricultural training program, the Fendt® Technician Academy, in partnership with AGCO Corporation (NYSE: AGCO). Set to begin in Fall 2021 at UTI's Lisle, Illinois campus, the 12-week program will focus on training students in advanced techniques for Fendt machinery. This initiative addresses the growing demand for skilled tractor technicians, especially as the agriculture industry seeks qualified personnel. Graduates will receive multiple certifications upon completion.

Universal Technical Institute (UTI) announced the launch of its Welding Technology program at its Bloomfield, New Jersey campus, set to enroll students starting March 1, with classes beginning in July. Concurrently, a similar program will open at the Lisle, Illinois campus on February 22, showing strong student interest. UTI's welding programs address the high demand for skilled welders, projected by U.S. Bureau of Labor Statistics to offer over 488,000 jobs by 2028, with a median salary of $42,490.

Universal Technical Institute (UTI) has partnered with the American School Counselor Association (ASCA) to become its inaugural Alliance Partner. UTI has a long history of supporting school counselors, providing workshops since 2008 aimed at enhancing STEM education. This partnership aims to advocate for school counselors and promote UTI's training programs. UTI offers extensive training partnerships with over 30 manufacturers, leading to career opportunities and support for students, including tuition reimbursement and bonuses. Amidst rising unemployment, UTI remains committed to preparing graduates for in-demand jobs.

Universal Technical Institute (NYSE: UTI) will report its first quarter fiscal 2021 results on February 4, 2021, after market close. The report will cover performance for the quarter ended December 31, 2020. CEO Jerome Grant and CFO Troy Anderson will discuss the financials in a conference call at 4:30 p.m. ET on the same day. Investors can participate via phone or a webcast on the UTI investor relations website.

Universal Technical Institute (NYSE: UTI) announced the acquisition of its Avondale, Arizona campus for $44.5 million. This move is part of a strategy to consolidate operations, including merging the Phoenix Motorcycle Mechanics Institute into Avondale by the end of fiscal 2022. The consolidation is expected to reduce annual occupancy costs by $6.5 million, further enhancing UTI's blended learning model. The Florida campus will also undergo reconfiguration to optimize space. UTI aims to meet rising student interest and employer demand for its graduates across its consolidated locations.

Universal Technical Institute (UTI) will expand the DTNA Finish First training program to its Orlando campus in summer 2021, marking the first east coast location. This program, which trains students to service brands like Freightliner and Western Star, takes just 12 weeks to complete compared to traditional pathways. UTI has seen a strong demand for skilled technicians, with the U.S. Bureau of Labor Statistics predicting 24,500 annual job openings for truck mechanics through 2029. Graduates can quickly secure employment in a field where trained professionals are essential and hard to find.