Universal Technical Institute Q4 Profit Tops Estimate

(RTTNews) - Universal Technical Institute, Inc. (UTI) reported net income for the fourth quarter of $1.6 million or $0.06 per share, compared to $0.9 million or $0.04 per share for the year-ago quarter.

Severance costs of $1.3 million (pre-tax) impacted earnings per share by about $0.04 for the fourth quarter ended September 30, 2014 compared to severance costs of $1.6 million (pre-tax), or $0.03 per share, for the quarter ended September 30, 2013.

Revenues for the fourth quarter fell 0.5% to $95.3 million from $95.8 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.07 per share on revenue of $95.06 million for the fourth quarter. Analysts' estimates typically exclude special items.

For the full year ending September 30, 2015, the company expects new student starts as well as its average student population to be down in the mid-single digits. While annual tuition increases will slightly offset the decline in average students, the company expects revenue to decline about 3% to 4%.