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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 (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.
Universal Technical Institute (NYSE: UTI) will participate in the B. Riley Securities 2020 Education Services and Technology Conference on December 2, 2020. The presentation will be led by CEO Jerome A. Grant and CFO Troy R. Anderson at 12:30 p.m. ET. UTI will conduct one-on-one investor calls during the conference. Interested parties can access the live presentation via registration. An audio recording will be available post-event on UTI's investor relations website.
Universal Technical Institute (NYSE: UTI) announced the retirement of two board members, John C. White and Dr. Roderick R. Paige, effective November 30, 2020. White, a board member since 1997 and former Board Chairman, significantly shaped UTI’s educational model through partnerships with major automotive manufacturers. Dr. Paige, a board member since 2010 and former U.S. Secretary of Education, contributed to UTI’s strategic educational initiatives. Their departures mark a significant change for UTI, impacting leadership and possibly the company's direction.
Universal Technical Institute (NYSE: UTI) reported a strong turnaround in fiscal 2020, achieving net income of $8.0 million, compared to a loss of $7.9 million in the previous year. The fourth quarter net income rose by 17.8% to $6.5 million, supported by a 1.1% increase in new student starts to 5,772. Despite a 12.9% revenue decline to $76.3 million, liquidity improved to $114.9 million. UTI expects double-digit growth in student starts and revenue for fiscal 2021.
Universal Technical Institute (NYSE: UTI) and Premier Truck Group have launched a unique technician training program at Fort Bliss for service members transitioning to civilian careers. This 12-week, tuition-free program offers hands-on training in diesel-commercial vehicle technology, leading to employment opportunities and a Systems Certified Daimler Truck North America credential. Annually, 36-48 veterans are expected to graduate from this initiative. The program exemplifies UTI's commitment to addressing workforce shortages while supporting military personnel.
Universal Technical Institute (UTI) is scheduled to report its fiscal 2020 results on November 18, 2020, after market close.
CEO Jerome Grant and CFO Troy Anderson will discuss the results during a conference call at 4:30 p.m. Eastern Time on the same day.
UTI, a leading provider of transportation technician training with over 220,000 graduates in 55 years, operates 12 campuses across the U.S. For more details, investors can visit UTI's investor relations website.
The Porsche Technology Apprenticeship Program (PTAP), in partnership with Universal Technical Institute (UTI), reports a 100% job placement for its recent graduates at Porsche dealerships across multiple states, including Texas and Florida. This program, which covers tuition and housing costs, equips students with hands-on training on the latest Porsche vehicles. UTI emphasizes aligning education with employer needs, as highlighted by the success of its graduates during economic uncertainties. The recent graduating class transitioned to a blended learning model amid the pandemic, achieving immediate employment opportunities.
Universal Technical Institute (UTI) reports positive outcomes from its blended training model amidst the pandemic, aiding graduates in securing jobs. CEO Jerome Grant emphasizes the urgent demand for skilled technicians, supported by the U.S. Department of Labor's projections of over 110,000 annual job openings in related fields through 2028. UTI's transition to a blended learning format has enhanced training quality, leading to strong employment rates for graduates, including those who gained manufacturer-specific skills. This response positions UTI favorably in the evolving job market.
Universal Technical Institute (NYSE: UTI) is enhancing its educational model to better meet the demand for skilled workers through a hybrid learning initiative. This approach combines hands-on training with online instruction, increasing accessibility and relevance for students. CEO Jerome Grant emphasized the importance of this transformation in response to the COVID-19 pandemic. Dr. Jeff Bergin has been appointed Vice President to lead the initiative, leveraging his extensive experience in developing effective blended learning programs.
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