Please note that some statements made on the call may be forward-looking. Actual events or results may differ materially from those expressed or implied, and CGI disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The complete Safe Harbor statement is available in both our MD&A and press release, as well as on cgi.com. We encourage our investors to read it in its entirety.
We are reporting our financial results in accordance with International Financial Reporting Standards or IFRS. As before, we will also discuss non-GAAP performance measures, which should be viewed as supplemental. The MD&A contains definitions of each one used in our reporting. All of the dollar figures expressed on this call are Canadian, unless otherwise noted.
I'll turn the call over to David first to review the financial results for the quarter, and then Mike will discuss operations and segment highlights. David?
R. David AndersonThank you, Lorne, and good morning. I'm pleased to share the financial details of another good quarter. In the third quarter, revenue was $1.1 billion. On a year-over-year basis, revenue was 5.1% or $52 million higher. Adjusted EBIT was $136.3 million and our EBIT margin remained strong at 12.8%. Net earnings were $87.2 million, representing a net margin of 8.2% and diluted earnings per share of $0.33. This number includes $6.7 million in acquisition-related cost, as well as $5.3 million in real estate optimization charges and $3.7 million in additional year-over-year financing costs associated with the fixed rate notes. As a result, the underlying net operations or net earnings were approximately $100 million, representing a net earnings margin of 9.4% or $0.37 per diluted share. This quarter's earnings and EPS were in line with the same quarter last year, excluding a favorable tax adjustment as well as the transition margin from the windup of the financial services contract during Q3 fiscal 2011.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts