CGI Inc Stock Price, News & Analysis

CGI (NYSE: GIB) has been awarded a contract to replace Arizona's human resource information system with the CGI Advantage® mobile-first platform. This solution will streamline HR processes for over 34,000 state employees and more than 100 public agencies. The CGI Advantage platform focuses on core HR, payroll, and talent management, promoting automation and data-driven decision-making. With over 46 years of public sector experience, CGI aims to enhance efficiency, security, and talent retention goals. CGI reported a revenue of $12.87 billion for fiscal 2022, highlighting its robust market position and capabilities.

CGI (GIB), a leading IT and business consulting firm, has been awarded a CAD$97 million contract to develop a next-generation Central Energy Market Information System (CSIRE) for Poland's energy operator, PSE. This system will centralize and automate energy metering data management, improving data access and streamlining processes in Poland's retail electricity market. The initiative aims to enhance competitiveness and support the transition to sustainable energy sources. CGI plans to leverage its Central Market Solutions technology, previously implemented in ten countries, to ensure compliance with ESG reporting regulations and drive operational excellence.

CGI held its Annual General Meeting of Shareholders on February 1, 2023, in Montréal, Quebec. During the meeting, all 15 proposed directors were elected through electronic ballot. Notable voting percentages included George A. Cope with 99.10% in favor, and Paule Doré receiving 95.28%. CGI, a major IT and consulting firm, reported revenues of $12.87 billion in Fiscal 2022. The company operates globally with a workforce of over 90,250 professionals, focusing on transforming organizations through IT and business consulting services.

CGI (NYSE: GIB) has acquired the intellectual property of National Bank of Canada's financial planning solution, AdviceSuite, enhancing its Wealth360 digital platform. This acquisition, coupled with a new 10-year SaaS agreement, signifies an expansion of their partnership. The solution aims to empower financial advisors, improving relationships with investors by offering transparent and accessible financial advice. CGI's F2022 revenue was reported at $12.87 billion, underscoring its prominence in IT and consulting services. This strategic move is aligned with CGI's commitment to digital transformation in the banking and wealth management sectors.

CGI reported strong Q1 F2023 results with revenue of $3.45 billion, up 11.6% year-over-year and 12.3% in constant currency. Adjusted EBIT reached $554.1 million with a margin of 16.1%, an increase of 6.3%. Net earnings were $382.4 million, a 4.1% rise, resulting in diluted EPS of $1.60, up 7.4%. The company recorded $4.04 billion in bookings, achieving a book-to-bill ratio of 117.0%. Its backlog stands at $25.01 billion, equating to 1.9 times annual revenue. With cash flows from operations of $605.3 million, CGI maintains a strong balance sheet.

On February 1, 2023, CGI announced the renewal of its Normal Course Issuer Bid ("NCIB"), pending approval from the Toronto Stock Exchange (TSX). The Board believes this initiative will enhance shareholder value by allowing the company to purchase its Class A subordinate voting shares. The NCIB permits the purchase of up to 18,769,394 shares, about 10% of the public float, at market prices. Repurchases may start on February 6, 2023, and run until February 5, 2024, or until the maximum number of shares is acquired. CGI's previous NCIB, which ends February 5, 2023, saw the purchase of 6,449,173 shares for $656,763,789 at an average price of $101.84 per share.

CGI is set to host its Annual General Meeting on February 1, 2023, coinciding with the release of its fiscal 2023 first quarter results. The meeting will take place at 11:00 a.m. (EST) via live webcast, allowing shareholders to vote online. Only shareholders of record by December 5, 2022, can participate. The fiscal results will be announced before market opening on the same day, followed by a conference call at 9:00 a.m. (EST), featuring insights from CEO George D. Schindler and CFO Steve Perron. In fiscal 2022, CGI reported revenues of $12.87 billion.

On January 24, 2023, CGI Federal announced the award of the Electronic Records Management (ERM) solutions Special Item Number (SIN) under its Multiple Award Schedule contract with the U.S. General Services Administration. This SIN enables federal agencies to procure CGI's services for transitioning to a digital records management solution that enhances compliance and accessibility. Kenyon Wells, Senior Vice-President at CGI Federal, emphasized the importance of digital transformation in managing electronic data efficiently. CGI's capabilities support agencies in meeting federal records management mandates, aligning strategies, and optimizing operations, with reported revenue of $12.87 billion for fiscal 2022.