CGI Inc - GIB STOCK NEWS

CGI held its Annual General Meeting on February 2, 2022, in Montréal, where all 16 directors proposed for election were successfully elected by shareholders. The votes in favor ranged from 93.75% to 99.82%, indicating strong shareholder support. CGI, a leading IT and business consulting firm with reported revenues of $12.13 billion for fiscal 2021, continues to focus on digital transformation and client relationships through its extensive global network.

CGI reported strong Q1-F2022 results, with revenue of $3.09 billion, a 2.4% increase year-over-year. Adjusted EBIT rose to $521.5 million, up 5.2%, yielding an improved EBIT margin of 16.9%. Net earnings reached $367.4 million, growing by 7.0%, resulting in diluted EPS of $1.49, a 12.9% increase. Bookings totaled $3.60 billion, showcasing a book-to-bill ratio of 116.5%. The backlog stands at $23.58 billion, equating to 1.9x annual revenue.

CGI (GIB.A, GIB) announced the renewal of its Normal Course Issuer Bid (NCIB) on February 2, 2022, pending TSX approval. The NCIB allows the company to purchase up to 18,781,981 Class A Shares, representing 10% of its public float. As of January 24, 2022, there were 216,915,512 Class A Shares outstanding. Previously, under the NCIB that ended February 5, 2022, CGI bought 11,518,331 Class A Shares at an average price of $101.86, totaling approximately $1.17 billion. The new repurchase program is expected to commence on February 6, 2022, aiming to increase shareholder value.

CGI (NYSE: GIB; TSX: GIB.A) has secured a single-award Blanket Purchase Agreement (BPA) from the U.S. Department of Justice (DOJ) with a ceiling value of $250 million. This includes an initial Task Order worth $133.9 million over five years. CGI will manage systems supporting DOJ's Unified Financial Management System and Unified Asset Management System, enhancing digital transformation and efficiency. This award underscores CGI's proficiency, established through two decades of collaboration with the DOJ.

CGI announced its Annual General Meeting of Shareholders and the release of its fiscal 2022 first-quarter results on February 2, 2022. Shareholders can participate via a live webcast at 11:00 a.m. (EST). Voting eligibility extends to shareholders of record by December 7, 2021. The fiscal 2022 first-quarter results will be released before market opening on February 2, followed by a conference call at 9:00 a.m. (EST). CGI reported a revenue of $12.13 billion for fiscal 2021, emphasizing its role as a leading IT and business consulting firm with a global workforce of 80,000 professionals.

CGI (NYSE: GIB) has secured a new task order to expand its Marine Corps Platform Integration Center (MCPIC) program across eight U.S. Marine Corps bases. The initial funding is $8.5 million, totaling $34.4 million, including options. MCPIC enhances inventory tracking of mission-critical equipment using IoT sensors and automated identification technology. This partnership, lasting four years, is an extension of CGI's 30-year collaboration with the USMC, aimed at improving asset visibility and operational efficiency.

CGI (NYSE: GIB) has secured a task order from the Department of the Interior's Office of Natural Resources Revenue (ONRR) to create a modern data management environment. This initiative aims to enhance the collection and disbursement of federal and Indian royalties. The project is valued at $12.9 million over 36 months, starting with an initial funding of $3.3 million. The cloud-based solution will improve data access, quality, and transparency, and utilizes Amazon Web Services and Snowflake's technologies for efficient data management.

CGI has filed its 2021 Annual Information Form and Management Proxy Circular with Canadian and U.S. securities regulators ahead of its virtual Annual General Meeting on February 2, 2022. The filings include CGI's 2021 Annual Report on Form 40-F, which details the company's performance, including $12.13 billion in reported revenue. Shareholders can access these documents online through CGI's investor site. Additionally, the company uses Notice and Access rules to minimize paper distribution for the meeting materials.

CGI (NYSE: GIB) has secured a five-year contract valued at $44.1 million from the Centers for Medicare and Medicaid Services (CMS) to modernize the Medicare Advantage and Prescription Drug (MARx) system. The project includes transitioning legacy systems to the cloud, aiming to improve efficiency and security for the 51 million beneficiaries. This contract highlights CGI's extensive experience with MARx and follows three other notable contracts awarded by CMS within the year, totaling approximately $167.4 million.