Everything You Need to Know About CIT Group’s Q2 Earnings Report

    Author Caroline HarrisPosted on Categories Credit Services, FinancialTags , , , , , , , , , , , , , , , , , , , , , ,
    CIT Group

    On Tuesday, CIT Group Inc. (NYSE:$CIT) reported earnings for the second quarter, and it does not look good. The New York City-based company said that its Q2 profit dropped to $41 million ($0.22 per share). When compared to the second quarter of 2016, this is lower than $88 million, or $0.43 per share.

    According to figures accumulated by Thomson Reuters, analysts had forecast CIT Group to earn $0.60 per share. Generally speaking, an analyst’s’ estimate will exclude special items.

    CIT Group reported that revenue for the quarter dropped 6.6% to $605 million. To put that into perspective, this was down from $648 million in 2016.

    A Brief Overview on the Q2 Report:

    • Q2 Earnings: $41 million vs. $ 88 million in 2016
    • Earnings Decline (Y-o-Y): -53.4%
    • Q2 Earnings Per Share: $0.22 vs. $0.43 in 2016
    • EPS Decline (Y-o-Y): -48.8%
    • Analysts Estimate: $0.60
    • Q2 Revenue: $605 million vs. $648 million in 2016
    • Revenue Change (Y-o-Y): -6.6%

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    Author Caroline Harris
    About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.