CIT Group (CIT) Tops Q3 EPS by 3c, Revenues Beat

CIT Group (NYSE: CIT) reported Q3 EPS of $1.15, $0.03 better than the analyst estimate of $1.12. Revenue for the quarter came in at $476 million versus the consensus estimate of $471.74 million.

"In the third quarter, we delivered strong performance in all areas of our strategic plan," said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. "The average core loan and lease portfolio grew 8% year-over-year driven by strong originations as our strategic initiatives gained momentum. In addition, we made significant progress in reducing operating expenses, returning capital and driving greater funding efficiency through continued consumer deposit growth and the extension of debt maturities."

Alemany continued, "In October, we completed the sale of the European rail business, which enabled us to initiate a series of liability management actions to further optimize our funding profile. Collectively, these efforts advance our plan to improve our return on tangible common equity."

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

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