Recap: CIT Group Q2 Earnings

Shares of CIT Group CIT were unchanged after the company reported Q2 results.

Quarterly Results

Earnings per share increased 437.10% year over year to $2.09, which beat the estimate of $0.90.

Revenue of $477,600,000 rose by 16.29% year over year, which beat the estimate of $462,000,000.

Guidance

Earnings guidance hasn't been issued by the company for now.

CIT Group hasn't issued any revenue guidance for the time being.

Details Of The Call

Date: Jul 27, 2021

Time: 08:00 AM

ET Webcast URL: https://ir.cit.com/presentations-and-events/

Recent Stock Performance

Company's 52-week high was at $55.89

52-week low: $15.65

Price action over last quarter: down 8.40%

Company Profile

CIT Group Inc is a banking holding company and a financial holding company operating primarily in North America. It provides financing, leasing, and advisory services primarily to middle-market companies in a diverse group of industries. The company's banking subsidiary mostly operates in Southern California and offers both commercial and retail banking services. The company sources its commercial lending business through direct marketing to customers, vendors, and distributors, among other parties. The company generates revenue by earning interest on loans and investments, as well as commission, fees, and rental income on leased equipment and other financial services. The company also syndicates and sells finance receivables.