NEW YORK — CIT Group Inc. (CIT) on Tuesday reported third-quarter net income of $693.1 million.
On a per-share basis, the New York-based company said it had profit of $3.61. Earnings, adjusted for one-time items, totaled 80 cents per share.
The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.
The commercial lender posted revenue of $735.9 million in the period, beating Street forecasts. Three analysts surveyed by Zacks expected $462.3 million.
Shares of CIT Group fell 4 percent, or $1.76, to $41.44 in Tuesday morning trading. The stock had dropped roughly 10 percent since the beginning of the year, as of Monday's close. The stock has decreased 12 percent in the last 12 months.
This story has been corrected to show that CIT Group beat Wall Street profit expectations.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CIT at http://www.zacks.com/ap/CIT
Keywords: CIT Group, Earnings Report