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.
CGI (TSX: GIB.A) (NYSE: GIB) released a white paper titled "Charting the path forward with resilience and adaptability," highlighting insights from over 1,400 executives on navigating the economic challenges posed by COVID-19. The paper outlines three critical organizational capabilities: Mastering business agility, where only 18% report high agility; Rethinking the technology supply chain focusing on modernization and automation; and Enabling the future of work, with 88% not seeing enterprise digital strategy results. CGI aims to support clients through the phases of crisis recovery.
Q3-F2020 Performance Summary
CGI reported a revenue of $3.05 billion for Q3-F2020, reflecting a 2.2% decline year-over-year. The adjusted EBIT was $448 million, down 5.5%, and the adjusted EBIT margin decreased to 14.7%. Net earnings were $260.9 million, with a diluted EPS of $1.00. Despite these drops, cash provided by operating activities surged to $584.8 million, marking a 19.2% revenue share. The backlog remains strong at $22.30 billion.
CGI will release its third quarter fiscal year 2020 results on July 29, 2020, before market opening. A conference call with management, including George D. Schindler, CEO, and François Boulanger, CFO, will take place at 9:00 a.m. (EDT) to discuss these results. The company reported C$12.1 billion in revenue for fiscal 2019 and operates with a strong global workforce of 78,000 professionals.
CGI (TSX: GIB.A, NYSE: GIB) will announce its third quarter fiscal results for 2020 on July 29, 2020, before market opening. A conference call is scheduled for 9:00 a.m. EDT, featuring CEO George D. Schindler and CFO François Boulanger discussing financial insights and taking questions. CGI is a leading IT and business consulting firm, reported revenues of C$12.1 billion in Fiscal 2019. Investors can access the call via a live webcast on the company’s IR section of its website.
CGI (NYSE: GIB) has secured a €49 million contract with LocalTapiola, a leading Finnish insurance company, to enhance its digitization efforts as part of the Toivo modernization project. This agreement marks a renewal of their long-term partnership, focusing on improving customer experiences and optimizing the implementation of digital services. CGI will introduce new delivery models to bolster productivity and cost control. The collaboration underlines CGI's commitment to agile development and innovative service delivery, further solidifying its role in LocalTapiola's IT operations since 2013.
On June 17, 2020, CGI (NYSE: GIB) announced a contract worth EUR 49 million (approx. C$74.5 million) with LocalTapiola, a major Finnish insurance firm. This agreement aims to enhance LocalTapiola's modernization efforts by providing digitization services as part of the Toivo project. CGI will implement new delivery models for improved productivity and cost control, utilizing a hybrid development model to manage numerous projects effectively. CGI has been LocalTapiola's IT partner since 2013, supporting operations globally.