CIT Group beats by $0.12, beats on revs :
- Reports Q2 (Jun) earnings of $0.90 per share, excluding non-recurring items, $0.12 better thanthe Capital IQ Consensus of $0.78; revenues rose 58.7% year/year to $645.1 mln vs the $628.85 mln Capital IQ Consensus.
- "We are disappointed that the additional charges arising from the legacy Financial Freedom business, which was part of the OneWest Bank acquisition, offset the improved earnings from continuing operations. Despite the impact it had on our financial results, we made good progress this quarter advancing our strategic goals. We filed the initial Form 10 Registration Statement for C2 Aviation Capital as part of our Commercial Air separation and have advanced to the second round of the bidding process. We entered into a definitive agreement to sell our Canadian Equipment and Corporate Finance Business and we transferred our remaining Business Air assets to held for sale. We remain committed to executing on our strategy to grow our core businesses, reduce operating expenses and improve returns."
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