CGI Inc. - GIB STOCK NEWS

CGI Federal, a subsidiary of CGI Inc. (NYSE: GIB), has been named a Leader in the IDC MarketScape: U.S. Federal Government Cloud Professional Services 2024 Vendor Assessment. The report highlights CGI Federal's 45-year track record serving federal customers and its ability to manage nearly 200 federal organizations. The recognition emphasizes the company's expertise in cloud solutions, comprehensive service portfolio, and innovative capabilities. Key strengths include their Client Satisfaction Assessment Program (CSAP), advanced digital architecture approach (RCDA), and library of reusable AIOps and FinOps assets.

CGI (TSX: GIB.A) (NYSE: GIB) has partnered with the Wounded Warrior Project (WWP) to develop the MyWWP portal. This digital platform, built on Salesforce's Experience Cloud, connects wounded veterans and their families to resources, support services, events, and a global network of peers. MyWWP offers discussion groups, one-on-one connections, and personalized content to foster engagement and community. WWP aims to provide mental health services, career counseling, and long-term rehabilitative care through this initiative. CGI's involvement underscores its commitment to supporting military communities.

CGI (TSX: GIB.A) (NYSE: GIB) has renewed its U.S.-focused alliance as a Premier Services partner with Snowflake, the AI Data Cloud company. The partnership enhances CGI's ability to help clients accelerate digital transformations using Snowflake's AI Data Cloud platform. CGI's solutions powered by Snowflake include CGI Transcend™ and CGI Advantage®, with a notable implementation for the Commonwealth of Virginia's child support platform modernization project. The collaboration, ongoing since 2016, aims to deliver improved data analytics and AI capabilities across various industry sectors.

CGI reported strong Q4-F2024 results with revenue of $3.66 billion, up 4.4% year-over-year. The company achieved net earnings of $435.9 million, a 5.2% increase, and diluted EPS of $1.91, up 8.5%. For fiscal 2024, revenue reached $14.68 billion, growing 2.7% year-over-year, with net earnings of $1.69 billion. The company maintained a solid backlog of $28.72 billion and achieved bookings of $16.04 billion. Cash provided by operating activities was $2.20 billion, representing 15.0% of revenue. The company's financial position remains strong with $1.5 billion in cash and readily available liquidity of $3.0 billion.

CGI has signed a 3-year contract with Michelin to develop and maintain Supply Chain and Planning Production Manufacturing applications, while also supporting Customer Experience and Services & Solutions domains. The collaboration aims to harmonize Michelin's application ecosystem through solution creation, integration, and support. Nearly 800 CGI employees across France, Canada, the United States, Morocco, and India will work on this strategic project, supporting Michelin's transition to become a software and data-driven organization to improve user experience and competitiveness throughout the value chain.

CGI celebrates 10 years of operations in Lafayette, Louisiana, marking significant growth from its initial 2014 plan of 400 jobs to currently employing over 750 people in the Acadiana region. The company's annual payroll has grown from a projected US$32 million to more than US$60 million year-to-date. CGI plans to hire at least 60 more positions in Acadiana, with approximately 35% of employees hired through college recruiting programs. The company has established strong partnerships with local institutions, including the University of Louisiana at Lafayette, and has implemented various initiatives such as Louisiana's first software developer apprenticeship program.

CGI (TSX: GIB.A) (NYSE: GIB) has announced it will release its fourth quarter and fiscal year 2024 results on Wednesday, November 6, 2024, before markets open. Management will host a conference call at 9:00 a.m. (EST) to discuss results and answer questions. The company, a global IT and business consulting services firm with 90,000 consultants worldwide, reported revenue of $14.30 billion in fiscal 2023. The earnings call will be accessible via conference call, webcast through the IR section of CGI's website, and later available as a podcast.

CGI has been recognized as a Major Player in the IDC MarketScape: Worldwide Professional Services Providers for Retailers 2024 Vendor Assessment. The report highlights CGI's distinctive proximity model, which positions project leaders close to client teams, fostering long-term partnerships. Leslie Hand, Group Vice President for IDC Retail Insights, praised CGI's culture and relationship-building approach.

The recognition underscores CGI's ability to drive digital transformation in retail, with a focus on improving profitability through data strategy and artificial intelligence. CGI's comprehensive portfolio helps retailers optimize operations, enhance customer experience, and improve supply chain agility while managing cost pressures.

CGI has launched a redesigned version of CGI ProperPay, a cloud-based solution enhanced with AI capabilities to improve payment and revenue integrity in healthcare. The platform helps healthcare payers and providers ensure accurate claims processing from submission to payment. Over the past 30 years, CGI's clients have recovered more than US $3B of improperly paid medical claims using CGI ProperPay and the company's expert team. The solution supports pre-submission, prepay, and post-pay reviews through a modular approach, offering increased automation and faster identification of inaccurate medical claim coding.