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Sep 30, 2023
UTI Q4 2023 Earnings Report
Financial results for the fiscal 2023 fourth quarter were reported.
Key Takeaways
Universal Technical Institute reported a strong fourth quarter, with revenues increasing by 53.9% to $170.3 million. The acquired Concorde segment significantly contributed to this growth. Operating income and net income also saw substantial increases.
Revenues increased 53.9% to $170.3 million, primarily due to the acquired Concorde segment contributing $55.0 million.
Operating income was $10.3 million compared to $3.5 million.
Net income was $6.7 million compared to $2.8 million.
Adjusted EBITDA was $19.2 million compared to $15.1 million.
UTI
UTI
Forward Guidance
The company provided fiscal year 2024 guidance, including revenue of $705 to $715 million and adjusted EBITDA of $98 to $102 million.
Positive Outlook
- New student starts 24,500 - 25,500, representing 11% growth
- Revenue $705 - 715 million, representing 17% growth
- Net Income $34 - 38 million, representing 193% growth
- Diluted EPS $0.53 - 0.58, representing 323% growth
- Adjusted EBITDA $98 - 102 million, representing 56% growth