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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) announced the expansion of its Welding Technology program to a seventh campus and significant cost savings through lease restructuring at its Sacramento campus. The expansion aims to meet the rising demand for skilled workers in essential industries, with over 488,000 job openings projected for welders by 2028. UTI will also reduce its Sacramento campus footprint by over 50%, leading to annual occupancy cost savings of approximately $3 million starting January 2022.
Universal Technical Institute (NYSE: UTI) announced that CEO Jerome A. Grant and CFO Troy R. Anderson will participate in four upcoming virtual investor conferences. These conferences include the Barrington Research Annual Fall Investment Conference on September 9, Colliers Securities Institutional Investor Conference on September 10, Lake Street Capital Markets Best Ideas Growth Conference on September 17, and Sidoti Fall Investor Conference on September 23-24. A webcast of the Sidoti presentation will be available on UTI's investor relations website.
Universal Technical Institute (NYSE: UTI) reports that 95% of graduates from this summer's Volvo Service Automotive Factory Education (SAFE) program have secured jobs in the transportation industry amidst pandemic challenges. Graduates began employment in August at Volvo dealerships nationwide. The program, which offers tuition funding by Volvo, is designed to equip students with brand-specific skills and credentials. UTI emphasizes the growing demand for skilled technicians, with many students being recruited before graduation. The program aims to enhance workforce capabilities in the automotive sector.
Universal Technical Institute (UTI) has announced that four of its campuses have been recognized as 2019-2020 "Schools of Excellence" by the Accrediting Commission of Career Schools and Colleges (ACCSC). This prestigious award highlights UTI's commitment to providing quality education. Additionally, UTI's new campus in Bloomfield, New Jersey, received a "School of Distinction" award. UTI continues to demonstrate its dedication to student success, with four out of five graduates finding work in their fields despite the challenges posed by the pandemic.
Universal Technical Institute (NYSE: UTI) announced its participation in the Canaccord Genuity 40th Annual Growth Conference scheduled for August 13, 2020, at 2:00 p.m. ET. CEO Jerome A. Grant and CFO Troy R. Anderson will present the company's insights. A webcast will be available on the UTI investor relations website, and an audio recording will be archived for a week post-event. UTI, with over 220,000 graduates in 55 years, is a leader in technical training for various automotive and diesel fields, offering programs across 12 campuses nationwide.
Universal Technical Institute (NYSE: UTI) reported a challenging third quarter for fiscal 2020, with revenues decreasing by 31.1% to $54.5 million compared to last year. Despite an 8.4% increase in new student starts to 1,824, the company faced a $13.3 million net loss, a significant drop from $0.4 million last year. Total enrollment stands at over 10,800 students, with 9,900 active. Financial support from the CARES Act has totaled approximately $33 million, aiding student retention efforts. UTI maintains strong liquidity with $91.5 million available as of June 30, 2020.
Universal Technical Institute (NYSE: UTI) announced the addition of Bart Fesperman as senior vice president-chief commercial officer and Sonia Mason as senior vice president-chief human resources officer. These appointments aim to enhance growth initiatives and improve student outcomes. Fesperman, with over 20 years in marketing, will lead marketing and student recruitment, while Mason, an HR expert, will manage talent acquisition and performance. CEO Jerome Grant emphasized the importance of strong leadership to drive the company's future.
Universal Technical Institute (NYSE: UTI) announced on July 14, 2020, that it will provide laptops to approximately 14,000 students using CARES Act Higher Education Emergency Relief Funds. This initiative aims to support the transition to a blended learning model amid the COVID-19 pandemic, which combines online and hands-on training. The program is designed for students starting by September 28, 2020, and those currently enrolled. UTI's strategy aligns with the demand for skilled technicians in fields like transportation and manufacturing as the economy recovers.
On July 19, Team Penske's No. 2 Würth USA/UTI Ford Mustang will honor 225 recent graduates from Universal Technical Institute (UTI) by displaying their names on the car during the NASCAR Cup Series race at Texas Motor Speedway. This event recognizes graduates who missed traditional ceremonies due to the COVID-19 pandemic. UTI's CEO, Jerome Grant, emphasized the continued demand for skilled technicians crucial for the economy's recovery. The names will also be shown on 'Big Hoss TV,' the largest video screen in the world.
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