Daily Journal masthead

CIT Group beats 3Q earnings expectations, revenue forecasts


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

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)


Follow Daily Journal:

All content copyright ©2015 Daily Journal, a publication of AIM Media Indiana unless otherwise noted.
All rights reserved. Privacy policy.