NEW YORK (AP) — CIT Group Inc. (CIT) on Tuesday reported fourth-quarter net income of $8.6 million.
On a per-share basis, the New York-based company said it had net income of 4 cents. Earnings, adjusted for asset impairment costs and pretax expenses, were $1.50 per share.
The commericial lender posted revenue of $775.4 million in the period. Its adjusted revenue was $496.1 million.
For the year, the company reported a loss of $615.3 million, or $6.57 per share, swinging to a loss in the period. Revenue was reported as $1.88 billion.
CIT shares have climbed 9% since the beginning of the year. The stock has dropped 16% 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
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