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CIT: 4Q Earnings Snapshot

Associated Press
Updated ·1-min read

NEW YORK (AP) _ CIT Group Inc. (CIT) on Tuesday reported fourth-quarter earnings of $130.6 million.

On a per-share basis, the New York-based company said it had net income of $1.27.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.

The commericial lender posted revenue of $808 million in the period. Its adjusted revenue was $461.1 million.

For the year, the company reported profit of $529.9 million, or $5.27 per share. Revenue was reported as $1.85 billion.

CIT shares have dropped slightly more than 1% since the beginning of the year. The stock has climbed nearly 2% 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