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CGI Group Inc Cl A Sv TSX: GIB-A-T

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CGI net income climbs 30 per cent in Q3 to $338.5 million despite revenue dip

Canadian Press - Wed Jul 28, 2021
CGI headquarters is seen Thursday, May 31, 2012 in Montreal.THE CANADIAN PRESS/Paul Chiasson

MONTREAL — Information technology firm CGI Inc. is reporting a nearly 30 per cent increase in net income in the third quarter despite lower revenues.

The Montreal-based company says it earned $338.5 million or $1.36 per diluted share in the quarter, up from $260.9 million or $1 per share a year earlier.

Adjusted profits for the three months ended June 30 was $339 million or $1.36 per share, up from $308.4 million or $1.18 per share.

Revenues fell one per cent to $3.02 billion from $3.05 billion in the third quarter of 2020, but grew 3.5 per cent excluding currency fluctuations.

CGI was expected to report $340.1 million in adjusted profits on nearly $3.07 billion of revenues, according to financial data firm Refinitiv.

Bookings increased 28 per cent to $3.63 billion in the quarter, pushing its backlog up $1.05 billion to $23.3 billion.

"With robust bookings and cash from operations, we remain well positioned to continue driving profitable growth in the future," stated CEO George Schindler.

This report by The Canadian Press was first published July 28, 2021.

Companies in this story: (TSX:GIB-A.TO)

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