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CIT Group posts $98M net loss in Q4'17

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CIT Group posts $98M net loss in Q4'17

CIT Group Inc. reported net loss available to common shareholders of $98 million, or 74 cents per share, in the fourth quarter of 2017. This was lower than the net loss available to common shareholders of $1.14 billion, or $5.65 per share, reported in the previous year.

For full year 2017, CIT reported net income available to common shareholders of $458 million, or $2.80 per share, compared to net loss available to common shareholders of $848 million, or $4.20 per share, in 2016.

The S&P Capital IQ consensus normalized EPS estimate was 81 cents for the recent quarter and $2.97 for the full year.

Fourth-quarter 2017 results included a $222 million after tax noncash goodwill impairment charge in the commercial banking segment, a $20 million restructuring charge in operating expenses and aggregate net benefits of $12 million related to U.S. tax reform.