Universal Technical Institute, provider of technician training, reported a 15 percent increase in net revenues for its first quarter, according to the organization.
Net revenues for the first quarter, which ended Dec. 31, were $103.5 million, which was up from $90.1 million for the first quarter of the prior year. Net income for the first quarter was $9.3 million as compared to net income of $2.3 million for the first quarter of the prior year.
“We are pleased with our first-quarter results as we achieved record average student enrollment of 18,782 students as well as record revenues and earnings per share for an individual quarter,” Kimberly McWaters, president and CEO, stated in a press release. “Additionally, we achieved the highest net income for an individual quarter since fiscal 2006. Capacity utilization increased 900 basis points, helping us further leverage our fixed costs, and driving our operating margins up to 14.5 percent.”