CIT Group, Inc. (CIT) Posts Smaller Q1 EPS

CIT Group, Inc. (NYSE: CIT) reported Q1 EPS of $0.55, which may not compare to the analyst estimate of $0.86.

HIGHLIGHTS:

• Strong Asset Growth – Finance and leasing assets in Transportation & International Finance and North American Commercial Finance grew 11% from a year ago;
• Expanded Rail Franchise – Entered European rail business through acquisition of Nacco SAS;
• Continued Growth at CIT Bank – Assets surpassed $16.5 billion; deposits exceeded $13 billion;
• Advanced Capital Return – Repurchased nearly 3 million common shares in the quarter; in April, the Board authorized an additional $300 million of share repurchases;
• Maintained Strong Capital Ratios – Tier 1 Capital Ratio of 16.1% and Total Capital Ratio of 16.8%.

“We made progress this quarter in growing commercial assets, restructuring the organization and returning capital to shareholders,” said John Thain, Chairman and Chief Executive Officer. “However, our financial results were negatively impacted by lower finance margin and fee income. In the year ahead, we will continue to focus on building long-term shareholder value by expanding our businesses, managing expenses and growing CIT Bank.”

For earnings history and earnings-related data on CIT Group, Inc. (CIT) click here.

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