CIT Group, Inc. (NYSE:CIT) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.02%.
CIT Group, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.91 in the quarter versus EPS of $-0.35 in the year-earlier quarter.
Revenue: Decreased 65.79% to $351.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: CIT Group, Inc. reported adjusted EPS income of $0.91 per share. By that measure, the company beat the mean analyst estimate of $0.9. It beat the average revenue estimate of $82.47 million.
Quoting Management: Our financial results this quarter demonstrate the progress we have made in building our franchise and meeting our profitability targets, said John Thain , Chairman and Chief Executive Officer. We grew CIT Bank assets and deposits and advanced our expense reduction initiatives as we continued to provide financing to our small business, middle market and transportation clients. The termination of the Written Agreement and our announced share repurchase plan were important milestones that enhance our ability to create value for our shareholders.
Key Stats (on next page)…
Revenue decreased 59.62% from $870.8 million in the previous quarter. EPS increased 12.35% from $0.81 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.95 to a profit $0.93. For the current year, the average estimate has moved down from a profit of $3.7 to a profit of $3.62 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)