By Chris Wack

Shares of Universal Technical Institute (UTI) showed impressive growth as the company announced its fourth-quarter earnings, surpassing analysts' expectations.

UTI's stock reached a 52-week high of $11.01 during the trading session and has experienced a remarkable 50% increase over the past year.

During this quarter, UTI recorded earnings of $6.7 million, or 10 cents per share, compared to $989,000, or 3 cents per share, during the same period last year. Analysts forecasted earnings of $2.7 million, or 7 cents per share, according to FactSet.

The company's revenue for the quarter stood at $170.3 million, a substantial increase from last year's $110.6 million and exceeding analysts' expectations of $165.9 million.

One major contributor to the revenue surge was UTI's new Concord segment, which added $55 million to the company's bottom line. This significant growth resulted in a 54% increase in revenue overall.

Looking ahead, UTI projects new student starts to range between 24,5000 and 25,500 in fiscal year 2024. Moreover, the company aims for a revenue of $705 million to $715 million in 2024, slightly surpassing analysts' expected figure of $704.4 million. Earnings per share for 2024 are predicted to be between 53 cents and 58 cents, slightly lower than the anticipated 57 cents.

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