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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