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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.
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.
Universal Technical Institute (UTI) announced plans to open a new campus in the Miami metropolitan area in 2022, making it the second campus in Florida and the 14th nationwide. The Miramar facility will cover approximately 100,000 square feet and offer programs in high-demand fields such as Automotive, Diesel, and Welding Technology. The new campus aims to enhance local training opportunities and is part of UTI's growth strategy, which includes acquiring MIAT College of Technology to broaden its program offerings. UTI expects positive financial returns from these expansions.
Universal Technical Institute (NYSE: UTI) will report its second-quarter fiscal 2021 results on May 6, 2021, after market close. The results will cover the period ending March 31, 2021. A conference call will be hosted by CEO Jerome Grant and CFO Troy Anderson at 4:30 p.m. ET to discuss the financial performance. Investors can participate via phone or a live webcast on UTI's investor relations website. UTI is a leading provider of technical training with over 220,000 graduates from its 12 campuses across the U.S.
The inaugural class of the Premier Truck Group Technician Skills Program, in collaboration with Universal Technical Institute, graduated at Fort Bliss, Texas, on April 1, 2021. This tuition-free, 12-week program aims to provide transitioning military service members with industry-aligned training for immediate employment in diesel-commercial technician roles. Eight graduates received Systems Certified Daimler Truck North America credentials, securing jobs across various locations. The next session is set to commence on April 19, 2021, further supporting veterans' career transitions.
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.
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