CGI, a Canadian information technology consulting and software company, has announced its first-quarter earnings and revenue results, surpassing expectations.
Strong Financial Performance
For the three months ended December 31, CGI reported a net earnings increase to 389.8 million Canadian dollars ($290.9 million), equivalent to C$1.67 per share. This marks a rise from the prior-year period's net earnings of C$382.4 million, or C$1.60 per share.
Adjusted Earnings Beat Expectations
CGI's adjusted earnings, which exclude one-off and exceptional items, reached C$1.83 per share. Analysts on FactSet predicted a rise to C$1.82 per share, making CGI's performance even more impressive.
CGI's revenue for the quarter grew by 4.4% to C$3.6 billion, slightly exceeding analyst expectations of C$3.58 billion. When excluding foreign currency fluctuations, revenue still showed a solid 1.5% year-on-year increase.
With bookings totaling C$4.19 billion, a year-on-year increase of C$152 million, CGI maintains a book-to-bill ratio of 116.2%. This growth reflects the company's strong market demand for its services.
Success Driven by Outcome-Based Offerings
George Schindler, CEO of CGI, attributes this success to the company's outcome-based offerings, particularly those focused on cost-saving initiatives and expedited modernization, such as leveraging artificial intelligence (AI).
CGI's impressive financial performance sets a positive tone for the company in the year ahead as they continue to deliver impactful solutions for their clients.
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