CIT Group (CIT) Tops Q2 EPS by 8c

CIT Group (NYSE: CIT) reported Q2 EPS from continuing operations of $0.68, $0.08 better than the analyst estimate of $0.60. Revenue for the quarter came in at $605 million versus the consensus estimate of $497.16 million.

• Second quarter net income of $157 million or $0.85 per diluted common share; income from continuing operations of $41 million or $0.22 per diluted common share
• Second quarter income from continuing operations excluding noteworthy items1 of $126 million or $0.68 per diluted common share
• Completion of Commercial Air sale enabled significant liability management and capital actions
  • Returned $3.3 billion of common equity
  • Reduced unsecured borrowings by $5.8 billion
• Issued $325 million in preferred stock that qualifies as Tier 1 capital for regulatory purposes
• Received non-objection to 2017 capital plan, including a quarterly cash dividend of up to $0.16 per common share and common stock repurchases of up to $225 million
• Reached a definitive agreement to sell NACCO, our European rail leasing business
  • Transaction will further the simplification of the company
  • NACCO is CIT's last remaining ongoing business outside of North America
• Remain on track to reduce annual operating expenses by $150 million by 2018
• 83% of Loans and Leases in CIT Bank; Deposits now represent 78% of total funding
  • Loans and leases to deposits ratio of 96% at CIT Bank

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

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