CIT Group Inc. Reports 53% Retreat In Q2 Profit

(RTTNews) - CIT Group Inc. (CIT) reported earnings for second quarter that fell compared to the same period last year.

The company said its profit dropped to $41 million, or $0.22 per share. This was lower than $88 million, or $0.43 per share, in last year's second quarter.

Analysts had expected the company to earn $0.60 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 6.6% to $605 million. This was down from $648 million last year.

CIT Group Inc. earnings at a glance:

-Earnings (Q2): $41 Mln. vs. $88 Mln. last year. -Earnings Decline (Y-o-Y): -53.4% -EPS (Q2): $0.22 vs. $0.43 last year. -EPS Decline (Y-o-Y): -48.8% -Analysts Estimate: $0.60 -Revenue (Q2): $605 Mln vs. $648 Mln last year. -Revenue Change (Y-o-Y): -6.6%