UPDATE 1-Canada's CGI reports higher profit, shares rise

Tue Apr 30, 2013 12:58pm EDT
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* Second-quarter revenue more than doubles on Logica acquisition

* Sees annual savings of C$375 mln by end of fiscal 2014 from Logica buy

* Stock up as much as 15 pct (Adds details)

April 30 (Reuters) - IT services company CGI Group Inc reported a second-quarter profit above analysts' estimates, partly helped by its acquisition of Logica Plc in August, sending its shares up more than 15 percent on Tuesday.

Excluding Logica integration costs, Canada's largest IT services provider earned 56 Canadian cents per share on an adjusted basis, above the 50 Canadian cents analysts had expected.

The company completed the $2.64 billion acquisition of larger Anglo-Dutch rival Logica in August.

"Now people have more confidence in CGI and their ability to pull off Logica's integration," Morningstar analyst Swami Shanmugasundaram told Reuters.

Second-quarter revenue more than doubled to C$2.53 billion ($2.53 billion). Analysts were looking for C$2.56 billion on average, according to Thomson Reuters I/B/E/S.

Founded in 1976 and headquartered in Montreal, CGI is the fifth largest independent information technology and business process services firm in the world.   Continued...