CIT Group Inc. Q1 adjusted earnings Miss Estimates

(RTTNews) - CIT Group Inc. (CIT) released a profit for first quarter that dropped from last year.

The company's bottom line totaled $97 million, or $0.74 per share. This compares with $180 million, or $0.88 per share, in last year's first quarter.

Excluding items, CIT Group Inc. reported adjusted earnings of $96.9 million or $0.74 per share for the period.

Analysts had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 0.2% to $495 million from $496 million last year.

CIT Group Inc. earnings at a glance:

-Earnings (Q1): $96.9 Mln. vs. $109.4 Mln. last year. -EPS (Q1): $0.74 vs. $0.54 last year. -Analysts Estimate: $0.97 -Revenue (Q1): $495 Mln vs. $496 Mln last year.