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CIT: 4Q Earnings Snapshot

NEW YORK (AP) _ CIT Group Inc. (CIT) on Tuesday reported fourth-quarter net income of $91.8 million, after reporting a loss in the same period a year earlier.

The New York-based company said it had profit of 78 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.21 per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.

The commericial lender posted revenue of $769.3 million in the period. Its adjusted revenue was $421 million.

For the year, the company reported profit of $447.1 million, or $3.61 per share. Revenue was reported as $1.92 billion.

CIT shares have risen 17 percent since the beginning of the year. The stock has dropped 14 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