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CGI Smashes Past Q3 Earnings Estimates, Clocks $23.34B Backlog


Benzinga | Jul 28, 2021 09:16AM EDT

CGI Smashes Past Q3 Earnings Estimates, Clocks $23.34B Backlog

* CGI Inc (NYSE:GIB) reported a third-quarter FY21 revenue decline of 1% year-on-year to $3.02 billion, beating the analyst consensus of $2.26 billion. Excluding foreign currency impacts, revenues grew by 3.5% Y/Y.

* The company noted constant currency revenue growth as demand for its services to meet clients' digital agendas continues to accelerate, CEO George D. Schindler stated.

* Robust bookings and cash from operations make it well-positioned to continue driving profitable growth in the future.

* Bookings grew 28% Y/Y to $3.63 billion representing a book-to-bill ratio of 120%. The backlog stood at $23.34 billion.

* Adjusted EBIT margin improved 110 basis points to 15.8%.

* EPS of $1.36 beat the analyst consensus of $0.82.

* CGI generated $418.9 million in operating cash flow and held $1.27 billion in cash and equivalents.

* Price action: GIB shares closed higher by 0.44% at $92.09 on Tuesday.







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