UTI Reports Q1 Growth
Feb. 6, 2015—Universal Technical Institute reported on Friday its revenues for the first quarter at $95.7 million, a 1.4 percent decrease from $97.0 million for the first quarter of the prior year.
Net income for the first quarter increased 81.3 percent to $3.1 million, or 12 cents per diluted share, compared to $1.7 million, or 7 cents per diluted share, for the first quarter the previous year.
"We are pleased to report significantly improved financial results largely driven by operating efficiencies," Kim McWaters, chairman and CEO for UTI, said in a release. "Demand for our graduates remains strong as evidenced by higher employment rates and continued growth in starting wages. Rebuilding our student population to meet industry demand remains a top priority. We are pleased that employers are increasingly engaged in our technician recruitment efforts and willing to help more students pay for their education. We believe these efforts further enhance our value proposition and should positively impact student enrollment in the future."