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

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  • CGI Inc 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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Posted In: EarningsNewsTechBriefs
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