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CIT: 1Q Earnings Snapshot

NEW YORK (AP) _ CIT Group Inc. (CIT) on Tuesday reported first-quarter net income of $118.9 million.

On a per-share basis, the New York-based company said it had profit of $1.18.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.09 per share.

The commericial lender posted revenue of $831 million in the period. Its adjusted revenue was $466.2 million.

CIT shares have increased 31 percent since the beginning of the year. The stock has declined nearly 6 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