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Last $46.08 USD
Change Today +0.55 / 1.21%
Volume 2.4M
CIT On Other Exchanges
Symbol
Exchange
Berlin
New York
As of 8:04 PM 07/30/15 All times are local (Market data is delayed by at least 15 minutes).

cit group inc (CIT) Key Developments

CIT Group Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Net Charge-Offs for the Second Quarter of 2015

CIT Group Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company’s total interest income was USD 283.8 million, net interest revenue was USD 18.6 million, income from continuing operations before provision for income taxes was USD 153.1 million and net income was USD 115.3 million or USD 0.66 per basic and diluted share against total interest income of USD 309.8 million, net interest revenue of USD 47.6 million, income from continuing operations before provision for income taxes of USD 219.0 million and net income of USD 246.9 million or USD 1.29 per diluted share for the same period a year ago. Income from continuing operations was USD 115.3 million or USD 0.66 per basic and diluted share compared to USD 195.2 million or USD 1.02 per diluted share a year ago. Book value per common share was USD 50.91 against USD 46.42 a year ago. Tangible book value per common share was USD 47.51 against USD 44.16 a year ago. The increases in book value and tangible book value per share primarily reflected net income, including the partial reversals of the valuation allowance in the second half of 2014, and continued net benefit from share repurchases. For the six months, the company’s total interest income was USD 564.8 million, net interest revenue was USD 28.3 million, income from continuing operations before provision for income taxes was USD 300.7 million and net income was USD 219.0 million or USD 1.24 per basic and diluted share against total interest income of USD 612.0 million, net interest revenue of USD 77.9 million, income from continuing operations before provision for income taxes of USD 341.7 million and net income of USD 364.1 million or USD 1.88 per diluted share for the same period a year ago. Income from continuing operations was USD 219.0 million or USD 1.24 per basic and diluted share compared to USD 310.1 million or USD 1.60 per diluted share a year ago. Net charge-offs were USD 23 million, or 0.48% as a percentage of average finance receivables, against USD 21 million (0.45%) in the year-ago quarter. Impairment on assets held for sale was USD 11.0 million for the second quarter of 2015 against USD 14.3 million a year ago.

CIT North American Commercial Finance Announces Unaudited Earnings Results for the Second Quarter Ended June 30, 2015

CIT North American Commercial Finance announced unaudited earnings results for the second quarter ended June 30, 2015. Pre-tax earnings were $47 million, compared to $93 million in the year-ago quarter and $36 million in the prior quarter. The decrease from the year-ago quarter reflects higher credit costs and operating expenses, lower interest recoveries, and the impact of portfolio re-pricing. The increase from the prior quarter reflects lower credit costs, higher capital market fees, and higher net finance revenue. Net finance revenue of $133 million decreased from $146 million in the year-ago quarter reflecting lower levels of loan prepayments and interest recoveries.

CIT Transportation & International Finance Announces Unaudited Earnings Results for the Second Quarter Ended June 30, 2015

CIT Transportation & International Finance announced unaudited earnings results for the second quarter ended June 30, 2015. Pre-tax earnings were $157 million, up from $148 million in the year-ago quarter and unchanged from the prior quarter. The increase from the year-ago quarter primarily reflected higher gains on asset sales and a lower provision for credit losses. The second quarter results reflects lower provision for credit losses and operating expenses offset by reduced gains on asset sales, as compared to the prior quarter.

CIT Group Inc. Announces Executive Changes

On July 21, 2015, CIT Group Inc. (“CIT”) entered into amendment no. 1 to the agreement and plan of merger, dated July 21, 2014 by and among CIT, IMB Holdco LLC (“IMB”), Carbon Merger Sub LLC, a wholly owned subsidiary of CIT and JCF III Holdco I L.P., in its capacity as the holders’ representative, pursuant to which CIT will acquire IMB and its wholly owned subsidiary, OneWest Bank, N.A. On July 21, 2015, contingent on and effective upon completion of the acquisition, CIT increased the size of its board of directors from 13 to 15 and appointed Steven Mnuchin, age 52, and Alan Frank, age 63, as members of the board of directors, and Mr. Frank as a member of the Audit Committee of CIT. Mr. Mnuchin served as Chairman and Chief Executive Officer and as a member of the Board of Directors of IMB and as Chairman and a member of the Board of OneWest since March 2009. Mr. Mnuchin currently serves on the Board of Sears Holdings Corp. Mr. Frank served as a Director of OneWest since February 2014 and is a former partner with Deloitte & Touche LLP. On July 21, 2015, contingent on and effective upon completion of the acquisition, CIT (i) appointed Steven Mnuchin as Vice Chairman of CIT and appointed Joseph Otting, age 57, as Co-President of CIT. Changed the title of Nelson Chai to Co-President of CIT. Mr. Otting served as President and Chief Executive Officer of OneWest since October 2010 and previously served as Vice Chairman of U.S. Bancorp since 2005. Mr. Chai served as President of CIT since August 2011 and as both President of North American Commercial Finance and Chairman and Chief Executive Officer of CIT Bank since January 2014.

CIT Group Inc. Declares Quarterly Dividend Payable on August 14, 2015

CIT Group Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.15 per common share on its outstanding common stock. The common stock dividend is payable on August 14, 2015 to common shareholders of record as of August 28, 2015.

 

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Industry Analysis

CIT

Industry Average

Valuation CIT Industry Range
Price/Earnings 8.3x
Price/Sales 3.1x
Price/Book 0.9x
Price/Cash Flow 8.0x
TEV/Sales NM Not Meaningful
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