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  • Higher Fourth Quarter Profits For Canada's CGI Group (GIB) 0 comments
    Nov 26, 2010 3:15 PM | about stocks: GIB
     CGI Group, Inc. (NYSE: GIB) released financial results on Tuesday morning that beat Wall Street estimates.

    CGI Group, Inc announced that its 4th quarter earnings rose to $84.1 million, or 30 cents per share, up from $82.6 million, or 27 cents per share, a year earlier.

    The company's revenue rose to $1.01 billion, up from $926.05 million a year earlier.

    CGI Group, Inc. (GIB) finished the previous trading day at $15.42per share. The consensus price target of analysts covering the company's stock is $17.24 per share.

    Before these one-time expenses, earnings from continuing operations were 34 Canadian cents a share.

    CGI, which provides computer services to companies ranging from Bombardier Inc (BBDb.TO) to Cirque du Soleil, recently completed the $900 million purchase of Stanley -- a deal which expanded its work with U.S. government agencies into such areas as defense, cyber-security and intelligence.

    In the fourth quarter, CGI's new contract signings totalled C$1.1 billion.

    That's an increase from $82.6 million or an equivalent of 27 cents per share.

    Revenues moved ahead 8.7 per cent to $1.01 billion in the quarter, which included six weeks of results from the US$1 billion acquisition of Stanley Inc.

    For the full year, CGI said that currency fluctuations negatively impacted revenue by 5.8 per cent, pulling it down to $3.73 billion.

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    Disclosure: "No Positions"
    Stocks: GIB
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