Welcome to our dedicated page for CGI news (Ticker: GIB), a resource for investors and traders seeking the latest updates and insights on CGI stock.
News and updates on CGI Inc. (GIB) highlight its activities as one of the largest independent IT and business consulting services firms in the world. Company announcements cover technology initiatives, government contracts, acquisitions, platform launches and regulatory disclosures tied to its listings on the NYSE (GIB) and TSX (GIB.A).
Recent news emphasizes CGI's work with public sector clients. CGI Federal has announced the availability of the CGI Fraud, Waste and Abuse Prevention Platform through the U.S. Department of the Treasury's Financial Management Quality Service Management Office marketplace, enabling federal agencies to use real-time risk detection, advanced analytics and AI to identify potentially fraudulent payments. Other releases describe government-focused projects such as cooperative contracts with the Texas Department of Information Resources to provide CGI Advantage ERP and CGI Transcend case management solutions, as well as state-level modernization initiatives in Nevada and San Diego County using CGI Advantage.
CGI's news flow also includes international defense and security work, such as the HERMES project for NATO, which delivers a secure mobile communications solution in partnership with secunet Security Networks. Corporate development stories feature acquisitions like Comarch Polska SA in Poland and Online Business Systems in Canada and the United States, which expand CGI's footprint and capabilities in public administration solutions, digital transformation, AI and cybersecurity.
Investors and observers can also find updates on CGI's recognition in industry assessments, such as being named a Major Contender for Global Capability Center setup and transformation capabilities in India, and on regulatory milestones like the filing of annual disclosure documents and Form 6-K reports. This news page aggregates these developments to provide a centralized view of CGI's contracts, partnerships, technology platforms and regulatory communications.
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CGI reported strong financial results for Q2-F2023, achieving revenue of $3.72 billion, a 13.7% increase year-over-year. Net earnings rose to $419.4 million, up 12.7%, resulting in a diluted EPS of $1.76, which is 15.0% higher than the previous year. The company recorded adjusted EBIT of $600.8 million, reflecting a 14.7% growth. Despite a 0.7% decrease in cash from operating activities year-over-year, the backlog remains robust at $25.24 billion, equating to 1.8x annual revenue. Bookings totaled $3.84 billion, yielding a book-to-bill ratio of 103.3%. CGI continues investing in talent and offerings to support client demands for IT efficiency and digitization.
CGI (NYSE: GIB) has partnered with Fraport AG to enhance the digitization of Frankfurt Airport over a five-year framework agreement. This initiative aims to improve customer experience and competitiveness through advanced digital technologies. Key aspects include a cloud-first strategy for application migration and integration of AI and intelligent automation in airport operations. CGI will provide consulting, IT services, and change management to ensure effective cloud transformation. The partnership builds on a successful collaboration since 2021, leveraging CGI's aviation expertise and local presence. CGI reported a revenue of $12.87 billion in fiscal 2022, underscoring its capacity to deliver comprehensive aviation services.
CGI Inc. announced its upcoming financial results for the second quarter of fiscal year 2023, which will be released on April 26, 2023, prior to market opening. The company has stated that the quarter ended on March 31, 2023. A conference call hosted by President and CEO George D. Schindler and CFO Steve Perron will occur at 9:00 a.m. (EDT) to discuss the results and answer questions. CGI reported revenues of $12.87 billion for fiscal 2022 and operates globally with 90,250 professionals. The results and call can be accessed via webcast and podcast, with details provided on the company's investor relations page.
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On April 3, 2023, CGI (NYSE: GIB; TSX: GIB.A) announced a partnership with the Swedish Social Insurance Agency to aid its digital transformation program, enhancing service delivery through the development of digital systems. The initial contract, valued at approximately SEK 500 million (CAD $64.9 million), spans two years with potential extensions. CGI aims to modernize operations and improve citizen interactions, leveraging its extensive experience in governmental transformations. Established in 1976, CGI is a major consulting firm with over 90,000 professionals and an annual revenue of $12.87 billion, serving over 2,000 governmental entities globally.
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