CIT Group (CIT) Misses Q1 EPS Views

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CIT Reports First Quarter 2015 Net Income of $104 Million ($0.59 Per Diluted Share)

April 28, 2015 6:30 AM EDT

Pre-tax Income of $148 million Pre-tax income rose 20% from the year-ago quarter while net income declined 12% due to a higher effective tax rate; Increase in Effective Tax Rate Due to the prior year partial valuation allowance reversals, earnings reflect a $44 million tax provision while cash taxes were significantly lower at $14 million; Board Authorized Additional $200 Million Share Repurchase in April Completed existing share repurchase authorization and returned nearly $360 million of capital to shareholders through dividends and the repurchase of 7.3 million shares during the first quarter;... More