CIT beats 2Q profit forecasts
NEW YORK (AP) — CIT Group Inc. (CIT) on Tuesday reported second-quarter profit of $156.7 million.
The New York-based company said it had net income of 85 cents per share. Earnings from continuing operations and adjusted for one-time gains and costs, were 68 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
The commericial lender posted revenue of $814 million in the period. Its adjusted revenue was $604.8 million.
CIT shares have increased 15 percent since the beginning of the year. The stock has risen 40 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CIT at https://www.zacks.com/ap/CIT
Keywords: CIT Group, Earnings Report