CIT Group (CIT) Posts Q3 GAAP EPS of $2.76

CIT Group (NYSE: CIT) reported Q3 EPS of $2.76, which may not compare with the analyst estimate of $0.90. Revenue for the quarter came in at $592.3 million versus the consensus estimate of $432.7 million.

Net income for the three month period ended September 30, 2014 included a $375 million, $2.01 per diluted share, income tax benefit associated with the partial reversal of the valuation allowance related to the U.S. Federal deferred tax asset.

“Our core businesses achieved solid financial performance this quarter as we made further progress in positioning CIT for future success,” said John Thain, Chairman and Chief Executive Officer. “We advanced our bank strategy through our announced acquisition of OneWest Bank, grew our earning assets, completed the acquisition of Direct Capital and made progress exiting our non-strategic portfolios. As we look towards 2015, we will continue to focus on enhancing shareholder value by growing our franchises, expanding CIT Bank, achieving our profitability targets and returning capital to our shareholders.”

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

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