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.
CGI Inc. (NYSE: GIB) is a global IT consulting leader driving digital transformation across government, finance, and enterprise sectors. This page aggregates official announcements and verified news to help stakeholders track corporate developments impacting CGI's market position and strategic direction.
Access real-time updates on earnings reports, technology partnerships, and operational milestones. Our curated feed includes press releases related to systems integration projects, managed IT expansions, and governance updates – all essential for assessing CGI's performance in the competitive IT services landscape.
Key coverage areas: quarterly financial results, major contract awards, leadership changes, and innovation initiatives in AI-driven solutions. Bookmark this resource to stay informed about CGI's global delivery network enhancements and sector-specific service expansions.
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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