CGI Inc. reports developments in IT and business consulting services across consulting, systems integration, managed IT, business process services and intellectual property solutions. News about CGI commonly covers quarterly results, bookings and backlog, client demand for modernization of mission-critical technology environments, and capital actions such as issuer bids.
Company updates also address AI-enabled services, sovereign cloud and data platforms, SAP operations certifications, and strategic partnerships in sectors such as government, healthcare, critical infrastructure, financial services, manufacturing and utilities. CGI’s model combines local client relationships with a global delivery network across North America, Europe and other markets.
CGI (TSX: GIB.A) (NYSE: GIB), a leading IT and business consulting services firm, has been recognized by Forbes as one of America's Best Large Employers for 2024 and by Top Workplaces USA for its fourth consecutive year. These accolades highlight CGI's commitment to workplace culture, diversity, and employee satisfaction. Stephanie Mango, President of CGI Federal, emphasized the company's dedication to life-long learning and professional development for its 90,000 professionals globally. Forbes' ranking is based on an independent survey of over 170,000 U.S. employees, while the Top Workplaces USA award is determined by employee feedback. Key survey results showed that 90% of CGI employees believe the company has strong values, 87% appreciate the work-life flexibility, and 87% feel included at CGI.
CGI (TSX: GIB.A, NYSE: GIB) announced on May 27, 2024, its plan to repurchase 2,887,878 Class A subordinate voting shares from CDPQ for $138.51 per share. This is part of CDPQ's portfolio rebalancing. Post-transaction, CDPQ will still hold approximately 16.29 million Class A shares, representing 7.15% of CGI's total outstanding shares. The move aligns with CGI's strategy to deliver value to shareholders, supported by its strong financials, including $2.8 billion in cash as of March 2024. The share buyback falls under CGI's NCIB program, allowing repurchase up to 20,457,737 shares by February 2025. Details will be available on SEDAR+.
The Board of Directors of CGI announced François Boulanger as the new President and CEO, effective October 1, 2024. Boulanger, currently President and COO, will succeed George D. Schindler who will retire on September 30, 2024 but remain on the Board and serve as a strategic advisor. Under Schindler's leadership, CGI saw annual revenue growth to over $14 billion, a doubling of its share price, and a 70% increase in market capitalization. The transition aims to ensure continued profitable growth and strong client relationships as CGI advances its digital transformation strategies.
CGI (TSX: GIB.A, NYSE: GIB), a leading IT and business consulting firm, has been selected by the UK Home Office as the Technology Delivery Partner for the Emergency Services Mobile Communications Programme (ESMCP) across England, Scotland, and Wales. This five-year contract is valued at CA$81.2 million. The initiative aims to deliver the Emergency Services Network (ESN), a new communications system for the UK's emergency responders. The ESN will enhance communication capabilities for Fire, Ambulance, and Police services by providing a robust, cost-efficient network that facilitates fast, secure voice, video, and data communication over the 4G network. This collaboration will streamline first response efforts and provide immediate access to critical data in emergencies.
CGI and Nokia have signed an agreement to deepen their strategic partnership, combining 5G private wireless networking technology with CGI business services. This collaboration aims to deliver digital solutions for real-time, data-driven business operations, paving the way for Industry 4.0. The partnership has already seen success in Northern Ireland, with the creation of a cutting-edge 5G testbed for smart manufacturing.
CGI reported strong financial results in the second quarter of Fiscal 2024, with revenue reaching $3.74 billion, up 0.7% year-over-year. Earnings before income taxes grew by 2.3% to $577.4 million, and adjusted EBIT increased by 4.6% to $628.5 million. Net earnings rose to $426.9 million, with diluted EPS reaching $1.83, a 4.0% increase. The company's cash from operating activities stood at $502.0 million, representing 13.4% of revenue. Bookings totaled $3.75 billion, with a book-to-bill ratio of 100.4%. CGI's backlog reached $26.82 billion, with a strong performance across various financial metrics.
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