CGI Inc - GIB STOCK NEWS

CGI reported strong financial results for Q2-F2023, achieving revenue of $3.72 billion, a 13.7% increase year-over-year. Net earnings rose to $419.4 million, up 12.7%, resulting in a diluted EPS of $1.76, which is 15.0% higher than the previous year. The company recorded adjusted EBIT of $600.8 million, reflecting a 14.7% growth. Despite a 0.7% decrease in cash from operating activities year-over-year, the backlog remains robust at $25.24 billion, equating to 1.8x annual revenue. Bookings totaled $3.84 billion, yielding a book-to-bill ratio of 103.3%. CGI continues investing in talent and offerings to support client demands for IT efficiency and digitization.

CGI (NYSE: GIB) has partnered with Fraport AG to enhance the digitization of Frankfurt Airport over a five-year framework agreement. This initiative aims to improve customer experience and competitiveness through advanced digital technologies. Key aspects include a cloud-first strategy for application migration and integration of AI and intelligent automation in airport operations. CGI will provide consulting, IT services, and change management to ensure effective cloud transformation. The partnership builds on a successful collaboration since 2021, leveraging CGI's aviation expertise and local presence. CGI reported a revenue of $12.87 billion in fiscal 2022, underscoring its capacity to deliver comprehensive aviation services.

CGI Inc. announced its upcoming financial results for the second quarter of fiscal year 2023, which will be released on April 26, 2023, prior to market opening. The company has stated that the quarter ended on March 31, 2023. A conference call hosted by President and CEO George D. Schindler and CFO Steve Perron will occur at 9:00 a.m. (EDT) to discuss the results and answer questions. CGI reported revenues of $12.87 billion for fiscal 2022 and operates globally with 90,250 professionals. The results and call can be accessed via webcast and podcast, with details provided on the company's investor relations page.

On April 3, 2023, CGI (NYSE: GIB; TSX: GIB.A) announced a partnership with the Swedish Social Insurance Agency to aid its digital transformation program, enhancing service delivery through the development of digital systems. The initial contract, valued at approximately SEK 500 million (CAD $64.9 million), spans two years with potential extensions. CGI aims to modernize operations and improve citizen interactions, leveraging its extensive experience in governmental transformations. Established in 1976, CGI is a major consulting firm with over 90,000 professionals and an annual revenue of $12.87 billion, serving over 2,000 governmental entities globally.

CGI (NYSE: GIB, TSX: GIB.A) has secured a five-year global framework contract with Sodexo, a leading French multi-national company, to enhance its IT infrastructure and cloud services. This partnership aims to bolster Sodexo's transformation efforts across user experience and network management. CGI's support will focus on implementing a microservice architecture and improving operational efficiencies through standardization and service consolidation. With over 90,250 professionals, CGI is positioned to leverage its extensive experience and network to aid in Sodexo's growth and digital transformation, ultimately driving enhanced performance.

CGI (NYSE: GIB) has announced the creation of over 700 jobs at its Lafayette, Louisiana U.S. Onshore Delivery Center. This expansion has nearly doubled the original job estimate since its establishment in 2014. The Lafayette center supports federal and commercial clients in digital transformation projects and has exceeded annual salary projections by 28%. Local partnerships with the University of Louisiana at Lafayette have been crucial, fostering internships and a software developer apprentice program. CGI continues to recruit local talent, with 60 positions open and a significant percentage of hires coming from regional universities.