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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 appointment of Tracy Lorenz as the President of its UTI division, which focuses on transportation, skilled trades, and energy education. Lorenz brings over 20 years of higher education leadership experience, including previous roles as CEO of Triumph Education and in various positions at Apollo Education Group. During her tenure, she significantly increased revenue at the Auguste Escoffier School of Culinary Arts. This leadership change aims to enhance UTI's growth and diversification strategy, particularly in addressing workforce needs through new programs and campus expansion in locations like Texas and Florida. UTI operates 16 campuses across 9 states, providing education in in-demand careers within technical fields.
Universal Technical Institute (UTI) has partnered with RDO Equipment Co. to expand its Early Employment Program. Eligible diesel students at six UTI campuses, including locations in Arizona, California, and Texas, can apply for this program. RDO will offer hired students up to $32,000 over four years, which includes tuition reimbursement and a $5,000 bonus upon graduation. The growing demand for skilled technicians drives UTI’s initiative, providing students with valuable work experience and financial support for their education.
Universal Technical Institute (UTI) announced the purchase of three buildings at its Orlando campus for $26 million. This acquisition, funded from cash reserves, follows the successful consolidation of its UTI-Orlando and MMI-Orlando sites in 2022. The purchase is expected to generate an annual adjusted EBITDA benefit of approximately $2 million and after-tax cash savings of about $500,000. UTI aims to optimize its real estate footprint while adapting to the growing vocational needs in Florida.
On March 10, 2023, Senator London Lamar addressed the graduating class at Concorde Career College in Memphis, encouraging young health care professionals to contribute to their communities. Senator Lamar emphasized the importance of representation in health care, noting that Black women constitute a mere 6.9% of the national workforce and only 13.7% of the health care industry. She shared her personal journey and commitment to uplifting underserved communities through legislation aimed at combating human trafficking and increasing access to health care. Concorde Career Colleges, part of Universal Technical Institute (NYSE: UTI), operates 17 campuses focused on health care education.
Universal Technical Institute (UTI) has appointed Michael A. Slubowski as an independent director to its Board, effective March 1, 2023. This strategic addition aims to enhance UTI's focus on healthcare education and training following its December 2022 acquisition of Concorde Career Colleges, which added 17 campuses to its operations. Slubowski brings over 45 years of healthcare experience and executive leadership, which will support UTI’s goals to address the growing demand for skilled healthcare workers in the $4 trillion U.S. healthcare market. This leadership change aligns with UTI's commitment to diversify its Board and strengthen industry partnerships.
Universal Technical Institute (UTI) reported financial results for Q1 FY2023, revealing revenues of $120 million, up 14.2% year-over-year, attributed largely to the acquisition of Concorde Career Colleges, which contributed $14.4 million. However, net income fell to $2.6 million from $14.8 million in the prior year. Operating expenses increased by 26.3% to $115.6 million. UTI reaffirmed its full-year guidance, aiming for revenues exceeding $700 million and Adjusted EBITDA approaching $100 million in FY2024. Despite challenges, UTI remains optimistic about future growth, including plans for new programs and ongoing integration of Concorde.
Universal Technical Institute (NYSE: UTI) will report its first-quarter fiscal year 2023 results on February 8, 2023, after market close. The results will be discussed in a conference call at 4:30 p.m. Eastern Time the same day, hosted by CEO Jerome Grant and CFO Troy Anderson. Investors can participate via telephone or a live webcast on the investor relations website. UTI provides educational programs in transportation, skilled trades, and healthcare, operating 16 campuses across 9 states. Significant focus will be on financial performance and operating metrics during the upcoming call.
Universal Technical Institute (UTI) reported strong financial results for fiscal 2022, achieving $418.8 million in revenue, a 25.0% increase year-over-year. Full-year net income rose to $25.8 million, while Q4 net income dropped to $2.8 million, down 76.5% from the prior year. Adjusted EBITDA for the year was $55.9 million, a 71.8% increase. New student starts for 2022 were 13,374, up 2.7%. UTI provided fiscal 2023 guidance with revenue expectations of $595 - $610 million, incorporating the Concorde acquisition.
Universal Technical Institute (UTI) has completed a $50 million acquisition of Concorde Career Colleges, significantly expanding its footprint in the healthcare education market. This strategic move allows UTI to serve over 20,000 students across 14 states and enhances its offerings in critical healthcare training, addressing workforce shortages. Concorde, which reported approximately $200 million in revenue and $17 million in adjusted EBITDA for the trailing twelve months ending September 30, 2022, will now operate as a distinct division under UTI's umbrella.
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