CGI Inc Stock Price, News & Analysis

CGI held its Annual General Meeting of Shareholders on January 27, 2021, in Montréal, Quebec. All 16 proposed directors were elected, with approval rates ranging from 94.53% to 99.69%. Highlights include: Alain Bouchard (95.08%), George A. Cope (99.30%), and Michael B. Pedersen (99.62%). CGI reported a revenue of C$12.16 billion for Fiscal 2020, solidifying its position as one of the largest independent IT and business consulting firms globally. The firm continues to focus on digital transformation and enhancing service delivery for clients worldwide.

CGI reported strong Q1-F2021 results with revenue of $3.02 billion, slightly down from the previous year, and net earnings up 18.4% to $343.5 million. Diluted EPS increased by 24.5% to $1.32. Additionally, bookings rose 24% year-over-year to $3.40 billion, indicating a robust book-to-bill ratio of 112.5%. The company demonstrated improved margins and cash generation, contributing to its positive growth outlook.

CGI announced the renewal of its Normal Course Issuer Bid (NCIB), pending Toronto Stock Exchange approval. The NCIB allows the company to repurchase up to 19,184,831 Class A Shares, approximately 10% of its public float, to enhance shareholder value. The share repurchases may begin on February 6, 2021, and end on February 5, 2022, or once the maximum share limit is met. CGI has already repurchased 16,364,064 shares under its previous NCIB, totaling approximately $1.59 billion.

CGI (NYSE: GIB) has launched a refreshed brand identity to mark its 45th anniversary, emphasizing its commitment to helping clients leverage technology for value creation. The updated tagline, Insights you can act on, reflects CGI's extensive industry knowledge and collaborative approach. This brand refresh coincides with the annual Voice of Our Clients initiative, which has gathered insights from over 6,775 conversations, representing organizations with a collective revenue of C$9 trillion. CGI aims to assist clients in navigating post-pandemic business priorities through informed strategic decisions.

CGI will host its Annual General Meeting on January 27, 2021, and release its fiscal 2021 first quarter results on the same day. Shareholders can participate online and vote, as in-person attendance is not permitted. The fiscal results will reflect the performance for the quarter ended December 31, 2020. The conference call for discussing the results will begin at 9:00 a.m. (EST). CGI reported revenue of C$12.16 billion for fiscal 2020, positioning itself as a leading IT and business consulting services firm globally.

CGI (NYSE: GIB, TSX: GIB.A) announced that Vantage Bank Texas has successfully implemented CGI All Payments as part of its digital transformation strategy. This solution replaces legacy FedWire and ACH systems, facilitating real-time payments and enhancing operational efficiency. The project was executed in just four months, enabling Vantage Bank to better meet customer expectations and future-proof its payment systems. CGI All Payments aims to reduce transaction costs and improve service availability while ensuring security through Microsoft Azure.

CGI (NYSE: GIB) has been awarded a prime contractor position by the U.S. Department of State for the Global Support Strategy for Overseas Consular Support Services 2.0 (GSS 2.0) contract, valued at a ceiling of $3.3 billion over a 10-year period. This contract includes a base year and nine option years, focusing on enhancing visa application processes at U.S. embassies and consulates worldwide. CGI will utilize its Atlas360 solution to improve customer service and operational efficiency within the Bureau of Consular Affairs.

CGI (NYSE: GIB; TSX: GIB.A) has acquired the Professional Services Division of Harris, Mackessy & Brennan, Inc., enhancing its technology consulting services for commercial and government clients. The deal, finalized on December 31, 2020, adds 165 skilled consultants and a deep client portfolio in Central Ohio, particularly in Columbus. This strategic move aligns with CGI's build-and-buy strategy aimed at strengthening its position in the U.S. market.

CGI has filed its Management Proxy Circular for the Annual General Meeting of Shareholders scheduled for January 27, 2021. In conjunction with this, CGI submitted its 2020 Annual Information Form and Fiscal 2020 Results to securities regulators in Canada and the U.S. The electronic versions of these documents are available on CGI's investor website. The company employs approximately 76,000 professionals globally and reported a fiscal 2020 revenue of C$12.16 billion.