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Mar 31, 2020
UTI Q2 2020 Earnings Report
Reported financial results for the fiscal 2020 second quarter ended March 31, 2020.
Key Takeaways
Universal Technical Institute reported a 1.2% increase in revenue to $82.7 million and a net income of $10.1 million for the second quarter of fiscal year 2020. New student starts increased by 6.6% excluding the Norwood, MA campus. The company is managing the impact of COVID-19 by launching an online curriculum and resuming in-person labs where allowed.
New student starts increased 6.6% for the second quarter as compared to the prior year quarter excluding Norwood, MA campus.
Second quarter revenue of $82.7 million grew 1.2% versus the prior year quarter.
Second quarter net income of $10.1 million improved $15.4 million versus the prior year quarter, while Adjusted EBITDA of $3.1 million in the second quarter increased $2.3 million versus the prior year quarter.
Campuses beginning to resume hands-on, in-person labs where allowed.
UTI
UTI
Forward Guidance
UTI expects to receive approximately $33 million in grant funds from the CARES Act in the fiscal third quarter of 2020, with at least 50% to be used for emergency financial aid to students.