CGI Inc. - GIB STOCK NEWS

CGI (NYSE: GIB) has been selected by Tulare County, California, for upgrading its financial management and accounting system using CGI Advantage. This upgrade aims to streamline processes, eliminate data silos, and enhance efficiency. The transition to the cloud will free up IT resources and provide a unified user experience, including a self-service portal for vendors. CGI Advantage, based on 45 years of public sector expertise, ensures reduced risk and lower total cost of ownership. This partnership marks a continuation of CGI's 35-year collaboration with the County.

CGI (TSX: GIB.A, NYSE: GIB) announced its plan to repurchase 938,914 Class A subordinate voting shares from CDPQ at $106.51 each, reflecting a discount from the July 29 closing price. This share buyback is part of CDPQ's portfolio rebalancing, although it will still retain 22.5 million shares, approximately 9.5% of CGI's total. CGI's Co-Chair stated this move aligns with their value creation strategy and is expected to enhance shareholder value, supported by $2.3 billion in cash resources. The transaction, approved by the AMF, will be settled on August 2, 2022.

CGI Federal, a subsidiary of CGI (NYSE: GIB), has achieved ISO/IEC 17025 accreditation for its Digital Forensics Lab, awarded by the American National Standards Institute's National Accreditation Board. This milestone allows CGI Federal to enhance its offerings in forensic investigations for federal clients, addressing challenges like fraud and IP theft. The lab, based in Huntsville, Alabama, is among the few private labs holding this accreditation and provides a range of services including data collection and analysis. CGI reported C$12.13 billion in revenue for fiscal 2021.

CGI (NYSE: GIB) has launched CGI Sense360, a cloud-based analytics platform that enhances situational awareness for emergency responders during disasters. By integrating data from satellites, drones, and social media, the platform provides a comprehensive view of emergency situations, important for safe and efficient rescue operations. Developed in partnership with the UN-certified I.S.A.R. and with support from the European Space Agency, CGI Sense360 caters to various crisis scenarios including natural disasters and terrorist attacks, showing significant market potential.

CGI (TSX: GIB.A) has entered a strategic agreement with IGM Financial Inc. to modernize its mutual fund transfer agency platforms in Canada. This collaboration aims to integrate two leading record-keeping solutions into a unified SaaS platform as part of IGM's five-year digital transformation initiated in 2018. CGI will oversee technology modernization and support IGM's ongoing operations, enhancing client experience by leveraging its expertise. The partnership underscores CGI's commitment to delivering operational efficiencies and adapting to the evolving needs of the financial services sector.

CGI reported strong Q3 F2022 results with revenue of $3.26 billion, reflecting a 7.9% increase year-over-year, and 11.5% growth in constant currency. Adjusted EBIT rose 9.0% to $519.9 million, with a margin of 16.0%. Net earnings were $364.3 million, stable year-over-year, leading to a diluted EPS of $1.51, up 11.0%. Bookings totaled $3.41 billion, yielding a book-to-bill ratio of 104.7%. The backlog stands at $23.24 billion, amounting to 1.8x annual revenue.

CGI will announce its third quarter fiscal year 2022 results on July 27, 2022, prior to market opening. The financials will cover the period ending June 30, 2022. A conference call is scheduled for 9:00 a.m. EDT, featuring insights from George D. Schindler (President and CEO) and François Boulanger (CFO). Interested parties can access the call via a dedicated conference line or through a live webcast available on their investor relations page.

CGI is set to release its third quarter fiscal year 2022 results on July 27, 2022, before the market opens. The conference call, led by CEO George D. Schindler and CFO François Boulanger, will take place at 9:00 a.m. EDT to discuss the results. The company, known for its extensive IT and consulting services, reported $12.13 billion in revenue for fiscal year 2021. Investors can access the live webcast through CGI's IR section.