The stock price of Universal Technical Institute Inc (UTI) closed the recent trading session at $8.90. During the last check, the stock of UTI gained 10.67% to $9.85, in the after-hours. The company released its financial results for the first financial quarter of FY22. UTI also filed the form SC 13/A with the SEC to make amendments to the previously filed form SC 13G, on February 11, 2022.
UTI Financials
On February 3, 2022, UTI released the financial results of the first quarter of FY22 which ended on December 31, 2021. The highlights of the financial results for the Q1 of FY22 are
- The revenue of UTI for the first quarter of the financial year 2022 was $105.07 million as compared to $76.12 million in the same quarter of FY21, posting an increase of 38.0%.
- The earnings per share (EPS) for the first financial quarter of 2022 were $0.25 against the loss of $0.01 in the same quarter, the previous year.
- The net income of the company was $14.82 million in the first quarter of 2022 against $1.08 million in the same quarter of the financial year 2021.
- Adjusted EBITDA of UTI in Q1 of FY22 was $19.92 million in comparison to $4.33 million in the Q1 of FY21.
- Operating expense posted an increase of 21.4%, rising from $75.4 million in Q1 of FY21 to $91.5 million in the first quarter of 2022.
The total number of new students also increased from 1,927 in the Q1 of FY21 to 1,972 in the same quarter of the financial year 2022.
Executive Remarks
The Chief Executive Officer (CEO) of Universal Training Institute Inc, Jerome Grant, said that this was a decent beginning to the year. They stay certain about their capacity to convey solid, double-digit growth across new students, income, and profitability. He added that the strength of their business will fill in as a strong foundation, for their growth and expansion strategy.
The Chief Financial Officer (CFO) of UTI, Troy Anderson, said that the growth in revenue and average students have given them a strong start to the year. Mr. Anderson concluded that they are sure about their capacity, and they are focused on supporting the students and the staff.
