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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) 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.
Universal Technical Institute (UTI), in collaboration with BMW of North America and Premier Truck Group, has successfully transitioned military members to civilian roles as automotive and diesel technicians through on-base training programs. Initiated in 2018 at Camp Pendleton, the programs now expand to additional bases, including Fort Bragg and Fort Bliss. The BMW MSTEP program offers specialized training, leading to employment at authorized dealerships, while Premier Truck Group's Diesel Tech Career Program has successfully placed 40 veterans since its launch in 2021.
The Volvo TEKNIKER Apprentice Program has expanded to include a new location in Ridgeville, S.C., alongside the existing site at UTI's Avondale, Ariz. campus. This is a 12-week manufacturer-paid program designed for UTI students pursuing careers as certified Volvo technicians. Participants can earn four certifications, including Volvo's G1A certification. The program emphasizes hands-on experience with plug-in hybrid and electric vehicles, focusing on high voltage safety and battery diagnostics. Students must fulfill specific qualifications and commit to employment with a Volvo dealer for at least one year.
MIAT College of Technology-Canton, part of the Universal Technical Institute (UTI) family, has received the prestigious 'School of Distinction' award from the Accrediting Commission of Career Schools and Colleges (ACCSC) for 2021-2022. This recognition highlights the college's commitment to quality education and its positive impact on student success and workforce readiness. With 13 campuses recognized as Schools of Excellence or Distinction, UTI aims to provide industry-aligned training in various fields including aviation, industrial maintenance, and robotics.
Universal Technical Institute (UTI) has awarded $50,000 in tuition grants to three female students pursuing STEM education. The grants were part of a program in collaboration with IGNITE Worldwide, aimed at promoting gender and racial equity in STEM fields. Katherine West, Liberty Bowman, and Denia Gomez, the awardees, shared personal stories of overcoming challenges to enhance their self-confidence. UTI emphasizes its commitment to diversifying its student body and addressing the industry's skilled worker shortage.
Universal Technical Institute (NYSE: UTI) has opened its new campus in Miramar, Florida, marking the second location in the state and the 16th nationwide. Classes commenced on August 8, 2022 in a 100,000 square foot facility focusing on Automotive Technology, Diesel Technology, Welding Technology, and a combined program. The campus plans to introduce an Aviation Maintenance Technology program in 2023. CEO Jerome Grant emphasized the expansion strategy aimed at meeting local demand for skilled technicians, bolstered by partnerships with local employers.
Universal Technical Institute (UTI) reported strong financial performance for the fiscal 2022 third quarter, ending June 30, 2022. Revenue surged by 20.5% to $101.0 million, driven by a 25.0% increase in new student starts and an 11.4% rise in active students. Adjusted EBITDA reached $11.0 million, a 53% increase year-over-year. The company highlighted its growth strategy, including the acquisition of MIAT College and new campus openings, projecting revenue beyond $700 million by fiscal 2025. However, operating expenses rose 22.7%, impacting net income.
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