CIT Profits Up 46%, Debt Lowered By $3 Billion (CIT)

CIT Group Inc CIT released financial results on Tuesday morning that beat Wall Street earnings estimates. The company reported that it reduced its debt by $3 billion and that new business volume rose 14% to over $1 billion. “During the second quarter we continued to advance our key corporate initiatives,” said Chairman and Chief Executive Officer John A. Thain. “We improved our funding flexibility, repaid higher cost debt, streamlined our portfolio and largely completed the build-out of our senior management team. We remain committed to increasing the value of our commercial franchises and supporting the small business and middle market sectors that are vital to the U.S. economy.” CIT Group Inc (CIT) announced that its 2nd quarter net income jumped 46% to $142.1 million, or 71 cents per share, up from $97.3 million, or 49 cents per share, a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 30 cents per share. CIT Group Inc closed the previous trading day at $39 per share. The consensus price target of analysts covering the company's stock is $44.56 per share. Read more from Benzinga's Company news.