- Wednesday, October 16, 2024
CGI, a Canadian information technology and software company, has announced its financial results for the fourth fiscal quarter. The company reported a net income of 414.5 million Canadian dollars ($301.1 million) or C$1.76 a share, compared to C$362.4 million or C$1.51 a share in the same period last year. Adjusted earnings were C$1.79 a share, surpassing analysts' expectations of C$1.76 a share according to FactSet.
Revenue for the quarter reached C$3.51 billion, up from C$3.25 billion in the previous year, which was in line with analysts' forecast of C$3.53 billion.
CEO George Schindler attributed the company's success to clients prioritizing cost-savings and modernization initiatives, resulting in increased managed services bookings for CGI. The company's bookings for the quarter amounted to C$4 billion, a rise from C$3.64 billion, and it ended with a backlog of C$26.06 billion, compared to C$24.05 billion.
CGI's strong performance in Q4 showcases its ability to meet clients' needs for cost-efficiency and innovation. With their focus on managed services and modernization initiatives, the company is well-positioned for continued growth in the future.
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