Wednesday, CGI Group Inc. (GIB), an independent information technology and business process services firm, reported that its first-quarter net income increased from the prior year quarter.
The company recorded first-quarter net income of C$111.2 million or C$0.37 per share, compared to C$80.1 million or C$0.26 per share in the same quarter last year.
Excluding charges, net income was C$80.7 million or C$0.27 per share, compared to C$71.4 million or C$0.23 per share in the year ago quarter.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.27 per share for the quarter. Analysts' estimates typically exclude special items. Revenue for the quarter was C$913.0 million, down from C$1.00 billion in the comparable quarter last year.
Analysts expected the company to report revenue of $970.59 million for the quarter.
The company indicated that foreign exchange fluctuations unfavourably impacted revenue by C$50.3 million, or 5.0% compared with the same period last year. However, the current quarter included favorable tax adjustments in the amount of C$30.5 million compared with C$8.6 million in the prior year quarter.
During the quarter the company booked C$1.6billion in new contract wins, extensions and renewals, bring the total bookings over the past twelve months to C$4.9billion.
Looking ahead, Michael Roach, President and Chief Executive Officer said, "Increased client project activity and growing momentum in our sales funnel coupled with higher bookings reinforce our expectation of a gradual return to more traditional levels of top line growth during the remainder of our fiscal year."
GIB is traded at $13.98 up $0.10 or 0.72% on the NYSE.
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