By The Canadian Press on November 11, 2020.
MONTREAL – CGI Inc. reported its fourth-quarter profit fell more than 20 per cent compared with a year ago as it was hit by a restructuring charge.
The business and technology consulting firm says it earned $251.9 million or 96 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $324.1 million or $1.19 per diluted share a year ago.
CGI says the drop was primarily due to a one-time restructuring cost of $84.3 million in the most recent quarter.
Revenue for the final quarter of the company’s 2020 financial year amounted to nearly $2.93 billion, down from nearly $2.96 billion in the same quarter last year.
Excluding acquisition-related, integration and restructuring costs, CGI says it earned $318.4 million or $1.22 per diluted share compared with a profit of $329.5 million or $1.21 per diluted share a year ago when it had more shares outstanding.
Analysts on average had expected an adjusted profit of $1.17 per share and $2.98 billion in revenue, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Nov. 11, 2020.
Companies in this story: (TSX:GIB.A)