Universal Technical Institute (UTI) Misses Q2 EPS by 8c, Revenues Miss

Universal Technical Institute (NYSE: UTI) reported Q2 EPS of ($0.09), $0.08 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $77.7 million versus the consensus estimate of $78.21 million.

"I'm pleased with the continued progress we made across our business and with our students this quarter as we saw accelerating improvement in our most important leading metrics." said Jerome Grant, UTI's Chief Executive Officer.

"This quarter we also took several meaningful steps as we begin to execute on our ambitious growth and diversification strategy. The announced acquisition of MIAT College of Technology will not only give us exposure to a new geographic market but will also allow us to quickly expand new programs in high-demand fields such as renewable energy, aviation, HVACR and robotics throughout our campus footprint. Additionally, the recently announced new campuses in Austin, TX and Miami, FL will be the first designed to utilize our fully blended learning model, which will allow for greater efficiency and space utilization and will expand our presence in growing markets."

Grant continued, "I want to emphasize that these are just initial steps, and we are actively exploring additional growth opportunities that align with our broader strategy. Our strategy is focused on expanding UTI's value proposition and delivering a high-quality technical education in multiple fields with strong demand and exciting career paths. We believe the need for our services and the education we provide is significant and growing across this country. We as a team look forward to continuing to execute on this strategy and moving this organization along the right path."

For earnings history and earnings-related data on Universal Technical Institute (UTI) click here.

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