CIT Group (CIT) Misses Q3 EPS by 14c

CIT Group (NYSE: CIT) reported Q3 EPS of $0.65, $0.14 worse than the analyst estimate of $0.79.

Progress on Strategic Initiatives –

• Signed definitive agreement to sell CIT Commercial Air for $10.0 billion, which represents a 6.7% premium to net assets;
• Received non-objection from Federal Reserve Bank of New York to return up to $3.3 billion of capital to shareholders;
• Closed sale of Canadian Equipment and Corporate Finance Businesses;

Stable Operating Trends – Net Finance Revenue1 as a percent of Average Earning Assets of 3.63%, and credit metrics remain stable; Income from continuing operations negatively impacted by $28 million, net of tax, $0.14 per diluted share, in discrete items related to our strategic initiatives;

Maintained Strong Capital Ratios – Common Equity Tier 1 of 13.7% and Total Capital Ratio of 14.4%; Grew book value to $55.62 per common share and tangible book value to $49.02 per common share at September 30, 2016, each up 1% from the prior quarter.

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

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