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

Business and tech consulting firm CGI reports $314.8M first-quarter profit
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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 per cent of its consultants and other professionals moved to delivering services to clients remotely during the quarter due to the pandemic.

This report by The Canadian Press was first published April 29, 2020.

Companies in this story: (TSX:GIB.A)

The Canadian Press

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