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Jun 30, 2021
UTI Q3 2021 Earnings Report
Reported exceptionally strong double-digit growth across key operating metrics and returned to profitability.
Key Takeaways
Universal Technical Institute reported a strong third quarter with a 53.8% increase in revenue to $83.8 million compared to the prior year quarter. The company returned to profitability with a net income of $3.0 million, compared to a net loss of $13.3 million in the same quarter last year. Management reaffirmed fiscal year 2021 guidance due to strong front-end demand and ongoing operating improvements.
New student starts increased 38.8% from the prior year quarter.
Average active students increased 19.1% from the prior year quarter.
Revenue increased 53.8% to $83.8 million compared to the prior year quarter.
Net income was $3.0 million compared to a net loss of $13.3 million.
UTI
UTI
Forward Guidance
The company positions to meet fiscal year guidance, prepares for new campus launches next year and is optimistic about the timing regarding their pending acquisition of the MIAT College of Technology.