UTI reports Q2 revenue up 31% to $102.1M; net income $7.4M; announces acquisition of Concorde

UNIVERSAL TECHNICAL INSTITUTE INC

2022-Q2 EPS reported $0.36 revenue$207,161,000

Revenue $102.1M (+31.4% YoY); net income $7.4M vs. loss of $1.5M; adjusted EBITDA $10.9M vs. $2.8M.
Average undergraduate active students +13.6%; new student starts -5.4% due to Omicron.
Revised FY2022 guidance: raised lower end of revenue and profit ranges; lowered start growth forecast.
Agreed to acquire Concorde Career Colleges (healthcare education) to diversify into healthcare field.
Post-quarter closed $20M financing for Lisle campus; YTD capex $24.8M for new campuses and programs.

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