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CIT: 1Q Earnings Snapshot

Associated Press
Updated ·1-min read

NEW YORK (AP) _ CIT Group Inc. (CIT) on Tuesday reported a first-quarter loss of $624.3 million, after reporting a profit in the same period a year earlier.

The New York-based company said it had a loss of $6.40 per share. Losses, adjusted for asset impairment costs and non-recurring costs, were $2.43 per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

The commericial lender posted revenue of $644.2 million in the period. Its adjusted revenue was $496.4 million.

CIT shares have fallen 57% since the beginning of the year. The stock has dropped 61% in the last 12 months.

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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