The following is a summary of the Universal Technical Institute, Inc. (UTI) Q2 2024 Earnings Call Transcript:
Financial Performance:
Universal Technical Institute reported Q2 revenue growth of 12.4% to $184.2 million, surpassing expectations.
Net income amounted to $7.8 million, and the diluted earnings per share were $0.14.
Adjusted EBITDA increased by 17.8% to $22.6 million, in line with company's expectations.
The 2024 guidance has been adjusted due to strong performance, and revenue is expected between $720 million and $730 million, with adjusted EBITDA between $102 and $104 million.
Business Progress:
Universal Technical Institute reported an 18.5% increase in new student starts, attributed to company's growth, diversification, and optimization strategy.
New programs were launched and existing ones expanded which contributed to student growth.
The company is innovating to attract more high-quality inquiries and has hired resources to boost corporate partnerships.
Though it cannot open a new Concorde campus until late '26 or '27 due to Department of Education restrictions, UTI expands existing ones with student growth.
UTI is focusing on enhancing packages for graduates and supplementing the connection between education and employment.
Plans to include evening and weekend courses are being explored for greater flexibility and increased course attractiveness.
More details: Universal Technical Institute IR
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