Canadian Manufacturing

Business and tech consulting firm CGI reports $314.8M first quarter profit

CGI says its mix of critical services, markets and geographies have helped mitigate the impact of COVID-19 on client demand

April 29, 2020  The Canadian Press

MONTREAL — CGI Inc. says it earned $314.8 million in its latest quarter compared with $318.3 million in the same quarter a year earlier as it was hit by one-time restructuring costs and integration expenses.

The business and technology consulting firm says the profit amounted to $1.18 per diluted share for its second quarter, up from $1.14 per diluted share a year ago when it had more shares outstanding.

Revenue for the quarter ended March 31 totalled $3.13 billion, up from $3.07 billion.

Excluding specific items, CGI says it earned $338.4 million or $1.26 per diluted share, up from $324.5 million or $1.17 per diluted share a year ago.

CGI says its mix of critical services, markets and geographies have helped mitigate the impact of COVID-19 on client demand.

It says more than 90% of its consultants and other professionals moved to delivering services to clients remotely during the quarter due to the pandemic.