Earnings out. Profit up and beats expectationshttps://www.theglobeandmail.com/globe-investor/cgi-profit-rises-in-quarter-fiscal-2009/article1356383/
CGI Group Inc.
(GIB.A-T12.87-0.26-1.98%) saw its profit rise by nearly 10 per cent in the fourth quarter of fiscal 2009 even as revenue dipped from year-earlier levels, the IT services company announced Monday..
The Montreal-based company's earnings from continuing operations totalled $82.6-million or 27 cents per share in the fourth quarter. This was up from a year-ago profit of $75.3-million or 24 cents per share.
Revenue for the quarter was $926.1-million, down from $929.2-million a year before.
Analysts had expected earnings per share of 24 cents for the quarter, and had predicted revenue of $960-million, according to estimates compiled by Thomson Reuters.
For the fiscal year, CGI generated $3.83-billion in revenue. This was an increase of 3.2 per cent from fiscal 2008.
CGI said its net earnings from continuing operations in fiscal 2009 was $315.2-million or $1.02 per share, up from $298.3-million or 90 cents per share for the previous year.
“Thanks to the loyalty of our clients and the dedication of our employees, fiscal 2009 was a very successful year, especially in the context of the challenging market conditions,” said Michael Roach, CGI's president and chief executive officer.
“We enter fiscal 2010 in an excellent position strategically, operationally and financially.”
Roach added that CGI maintained a strong balance sheet with $1.6-billion in largely untapped credit.
CGI said its new contract signings for the quarter came to $549-million and for the fiscal year totalled $4.1-billion.
Order backlog at the end of fiscal 2009 stood at $10.9-billion, down from $11.6-billion a year earlier.
CGI is one of the largest independent information technology firms in the world. It provides IT and business process services to clients in North America, Europe and parts of Asia.
CGI shares closed at $13.13 Friday on the Toronto Stock Exchange.