By Adriano Marchese
CGI shares were higher Wednesday morning after the company reported first-quarter earnings and revenue that topped expectations and said it plans to renew its share repurchase program.
In recent trading, shares were 3.1% higher at 153.75 Canadian dollars ($114.75).
The Canadian IT reported a 4.4% rise in revenue to C$3.6 billion, topping FactSet-polled analyst expectations of a rise to C$3.58 billion.
On an adjusted basis, which excludes one-off and other exceptional items, rose to C$1.83. According to analysts on FactSet, this was expected to rise to C$1.82.
CGI also said it intends to renew its share repurchase program to buy back up to 10% of its issued and outstanding common shares over the course of one year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
01-31-24 1047ET