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

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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