CGI meets expectations with jump in earnings

CGI Inc. is reporting a major earnings boost in its latest quarter, roughly in line with analyst expectations.

The business technology and consulting firm says net earnings rose 7.6 per cent to $364.3 million in the three months ended June 30 from $338.5 million a year earlier.

Revenue in what was the third quarter of CGI’s financial year totalled $3.26 billion, up 7.9 per cent from $3.02 billion last year as the company grew its payroll to 88,500 workers _ 10,500 more than in June 2021.

On a constant currency basis, the Montreal-based company says revenue grew by 11.5 per cent per cent year over year.

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On a per share basis, diluted earnings excluding specific items jumped 13 per cent to $1.54 from $1.36 a year earlier.

Analysts on average had expected adjusted diluted earnings of $1.53 per share and $3.21 billion in revenue, according to financial markets data firm Refinitiv.