CIT Group Inc (DEL) (NYSE:CIT) reported its second quarter earnings results on Tuesday 21st July 2020 before market open.
The reported $ 0.62 loss per share for the quarter, missed the consensus estimate of $ 0.55 loss per share by $ 0.07 or 12.73 percent.
The firm had revenue of $ 410.70 million for the quarter, compared to the consensus estimate of $ 475.96 million. The revenues fell short of analysts estimates by $ 65.26 million or 13.71 percent.
The financial report showed revenues dropped 12.06 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
The Chairwoman and Chief Executive Officer Ellen R. Alemany, commented, The strength and resiliency of CIT today is the result of a multi-year enterprise transformation. Our seasoned management team has the agility to navigate the current environment, while supporting our customers, managing our risks, and unlocking areas of opportunity. While our results continued to be affected by the pandemic, our diverse franchise and deep industry and asset class expertise allowed us to win business in sectors of strength in the commercial market.
