Published on 12 Apr 2024 on Zacks via 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.