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.
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