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CIT: 1Q Earnings Snapshot

NEW YORK (AP) _ CIT Group Inc. (CIT) on Tuesday reported first-quarter net income of $97 million.

On a per-share basis, the New York-based company said it had net income of 74 cents.

The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.

The commericial lender posted revenue of $809.5 million in the period. Its adjusted revenue was $495 million.

CIT shares have risen 8 percent since the beginning of the year. The stock has increased 22 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CIT at https://www.zacks.com/ap/CIT