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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's UTI-Sacramento campus has been awarded the prestigious School of Excellence distinction by the Accrediting Commission of Career Schools and Colleges (ACCSC) for the 2023-2024 accrediting period. This recognition, the highest institutional honor bestowed by ACCSC, highlights UTI-Sacramento's commitment to educational excellence and student success.
The campus, which opened in October 2005, offers associate degrees and diplomas in automotive, diesel, and welding technologies. It is one of only 19 schools out of 575 ACCSC-accredited institutions to receive this award, underscoring its exceptional performance in meeting rigorous accreditation standards and achieving outstanding student outcomes.
UTI leaders emphasize their focus on providing quality education in high-demand fields such as transportation, skilled trades, and energy, aligning with employer needs and preparing students for successful careers in these sectors.
Universal Technical Institute-Lisle (UTI) announced that Associated has joined their early employment program. Students in automotive, diesel, robotics, industrial maintenance, and welding technician programs are eligible to participate. The program offers 20-30 hours of paid work experience weekly, consideration for full-time employment, and potential education expense reimbursement after graduation.
Associated offers a tuition reimbursement program for full-time employees, helping with educational loans up to $20,000. This partnership expands UTI's ability to meet broader employer needs, providing a talent pipeline for various skilled jobs. The collaboration aims to offer students valuable real-world experience while completing their education.
Universal Technical Institute (UTI) announced that its UTI-Sacramento and UTI-Dallas campuses have been named Schools of Excellence by the Accrediting Commission of Career Schools and Colleges (ACCSC). This is the highest institutional distinction awarded by ACCSC, recognizing adherence to rigorous accreditation standards and outstanding student accomplishment.
UTI-Sacramento, opened in 2005, offers associate degrees in Automotive and Diesel Technology, and a diploma in Welding. UTI-Dallas, opened in 2010, provides similar programs along with Automotive & Diesel Technology II. Both campuses are part of UTI's focus on delivering quality education in transportation, skilled trades, and energy sectors.
Out of 575 ACCSC-accredited schools, only 19 earned the School of Excellence award in the 2023-2024 accrediting period, highlighting UTI's commitment to high-quality education and student success.
Universal Technical Institute, Inc. (NYSE: UTI), a leading workforce solutions education provider, has announced its upcoming investor marketing schedule. The company's management team will participate in several events to showcase its strong momentum and recently announced Phase Two of its North Star Strategy. These events include:
- Rosenblatt 4th Annual Technology Summit (August 19)
- Annual Gateway Conference (September 4)
- Lake Street Non-Deal Roadshows (September 23 and October 1)
CFO Troy Anderson highlighted the company's strong fiscal third quarter results and expressed excitement about sharing their compelling long-term organic growth strategy with the investment community. The company aims to increase shareholder value through sustained revenue growth and expanded profitability over the next five years.
Universal Technical Institute (NYSE: UTI) reported fiscal Q3 2024 results.
Revenue rose by 15.8% to $177.5 million, driven by a 13.4% increase in average undergraduate full-time students and a 5.0% increase in new student starts. Net income was $5.0 million and adjusted EBITDA increased 60.9% to $18.4 million.
Revenue and new student starts are expected to be at the higher end of the full-year guidance range. The company reiterated initial projections for fiscal 2025 with expected revenue of nearly $800 million and an adjusted EBITDA margin of approximately 15%.
Strong performance is attributed to the North Star Strategy, aiming for an average annual revenue growth of 10% and adjusted EBITDA margin approaching 20% by fiscal 2029. Plans include launching a minimum of six new programs and opening at least two new campuses annually, starting from fiscal 2025 and fiscal 2026 respectively.
Operating expenses rose by 11.4% to $170.0 million. UTI segment revenue increased 16.1% to $117.1 million, while Concorde segment revenue increased 15.0% to $60.3 million.
Universal Technical Institute, Inc. (UTI) has announced the next phase of its 'North Star Strategy' to accelerate growth, diversification, and optimization. The strategy aims to deliver approximately 10% revenue CAGR and expand Adjusted EBITDA margin to nearly 20% through fiscal 2029. UTI plans to launch a minimum of six new programs annually at existing campuses starting in fiscal year 2025 and open at least two new campuses each year between fiscal years 2026 and 2029. The company has already achieved significant milestones, including nearly tripling campus locations, doubling student numbers and revenue, and increasing profitability by more than five times since the strategy's first phase began five years ago.
Concorde Career Colleges, part of Universal Technical Institute (UTI), and Heartland Dental have announced a groundbreaking partnership to develop a co-branded campus for dental hygiene and dental assistant programs. The first campus, set to open in fall 2025 in Fort Myers, Florida, will train up to 190 dental professionals annually. Heartland Dental, with over 23,000 employees across 1,750+ supported dental offices, is funding the construction and providing scholarships. This partnership aims to address the significant demand for dental hygienists and assistants in Heartland Dental-supported practices.
The collaboration builds on an existing alliance between the two organizations, leveraging Concorde's expertise in dental education and Heartland Dental's commitment to workforce development. With projected job growth rates of 15.8% for dental hygienists and 15.7% for dental assistants in Florida between 2023 and 2031, this initiative addresses a critical workforce need in the dental industry.
Universal Technical Institute-Bloomfield has opened enrollment for its new Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) program, with classes starting in September. This addition expands the campus's offerings, which now include HVACR, welding, automotive, and diesel education programs. The nine-month HVACR program covers essential skills such as air handling, hydronics, circuitry, ductwork, and system troubleshooting.
The launch aligns with the U.S. Bureau of Labor Statistics' projection of a 6% growth in employment for HVACR mechanics and installers from 2022 to 2032, faster than the average for all occupations. This expansion aims to meet the increasing demand for skilled technicians in temperature control systems across residential, commercial, and industrial settings in the northeast and nationwide.
Universal Technical Institute (NYSE: UTI), a leading workforce solutions education provider, has announced its fiscal third quarter 2024 conference call scheduled for Tuesday, August 6, 2024, at 4:30 p.m. ET. CEO Jerome Grant and CFO Troy Anderson will host the call to discuss the company's financial and operational results for the quarter ended June 30, 2024. Investors can join via toll-free dial-in at 1-844-881-0138 or international dial-in at 1-412-317-6790. The call will be broadcast live and available for replay, with a telephonic replay accessible until August 20, 2024. This event provides an opportunity for stakeholders to gain insights into UTI's performance and future outlook.
Universal Technical Institute (UTI) has announced a partnership with Crown Equipment for its Early Employment Program. Automotive and diesel technology students at 11 UTI campuses can now apply for paid work experience opportunities with Crown, working 20-30 hours weekly while completing their studies. Graduates offered full-time employment by Crown may qualify for tuition reimbursement up to $20,000.
The program is available at UTI campuses in California, Florida, Illinois, New Jersey, North Carolina, and Texas. This collaboration aims to bridge the gap between skilled trade education and industry workforce needs, providing students with valuable hands-on experience and a potential career path with Crown, a global leader in material handling equipment.
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