Yahoo Finance Universal Technical (UTI), iRacing Collab for NASCAR Program
Universal Technical Institute, Inc.'s UTI transportation, skilled trades and energy education division — Universal Technical Institute — unveiled a partnership between NASCAR Technical Institute in Mooresville, NC and the leading online racing simulation platform — iRacing.
The collaboration will provide NASCAR Mechanic Technician Training students an access to iRacing's virtual racing experiences to complement their hands-on 15-week training on engines, fabrication and chassis applications.
UTI's integration of iRacing into its NASCAR program enhances students' learning experiences. The simulation enables them to apply theoretical knowledge practically, understanding vehicle adjustments and handling within a virtual environment. This collaboration benefits UTI by providing hands-on, industry-relevant experiences, preparing future technicians effectively and contributing to the sport’s future.
Focus on UTI Division Bodes Well
Universal Technical consistently focuses on growth and diversification initiatives to maintain its growth momentum. Its proven education and employment model reflects consistent graduation and in-field employment rates, along with rooted partnerships with top industry participants and employers. The company’s focus on driving its operational initiatives helps it optimally prepare and position students for fulfilling careers in the significantly demanding fields that it serves.
During the first quarter of fiscal 2024, revenues from the UTI division increased 9.3% year over year to $115.4 million. The upside was backed by higher student starts. New student starts totaled 2,314, up 17.2% from a year ago. The company’s program expansion efforts drove the performance.
On Apr 4, 2024, the company's UTI division initiated nine-month HVACR technician programs at the Avondale, AZ, and Long Beach, CA, campuses. This move capitalizes on the solid prospects of the heating, air conditioning and refrigeration (HVACR) industry, as projected by the U.S. Bureau of Labor Statistics. The program aims to address the increasing demand for trained technicians supporting air quality and temperature control systems, leveraging UTI's current campus footprint to meet industry needs.
Price Performance
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Shares of UTI have gained 82.1% in the past six months, outperforming the Zacks Schools industry’s 25.5% growth. The company is benefiting from strong year-over-year new student start growth in the UTI and Concorde segments. The firm made progress with launching and ramping up new programs.
The company is optimistic about its fiscal 2024 performance with a solid multi-divisional foundation and ability to deliver on expectations. The Zacks Consensus Estimate for UTI’s fiscal 2024 sales and earnings per share (EPS) indicates a rise of 18.2% and 438.5%, respectively, from the year-ago levels.
Zacks Rank & Other Key Picks
Universal Technical currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Zacks Consumer Discretionary sector include:
Royal Caribbean Cruises Ltd. RCL carries a Zacks Rank #2 (Buy). RCL has a trailing four-quarter earnings surprise of 26.4% on average. RCL’s shares have surged 116% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 14.7% and 47.9%, respectively, from the year-ago levels.
Trip.com Group Limited TCOM currently carries a Zacks Rank #2. TCOM has a trailing four-quarter earnings surprise of 53.1%, on average. Shares of TCOM have gained 40.2% in the past year.
The Zacks Consensus Estimate for TCOM’s 2024 sales and EPS indicates a rise of 18.2% and 8%, respectively, from the year-ago levels.
Hyatt Hotels Corporation H presently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 17.8% on average. Shares of H have rallied 39.9% in the past year.
The Zacks Consensus Estimate for H’s 2024 sales and EPS indicates a rise of 4% and 27%, respectively, from the year-ago levels.
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