CIT GROUP INC. (NYSE:CIT) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition.
This Current Report on Form 8-K includes as an exhibit a press release, dated July 25, 2017, reporting the financial results of CIT Group Inc. (the “Company”) as of and for the quarter ended June 30, 2017. The press release is attached as Exhibit 99.1. This press release includes certain non-GAAP financial measures. A reconciliation of those measures to the most directly comparable GAAP measures is included as a table to the press release. The information reported under this Item 2.02, including Exhibit 99.1, shall be considered furnished, not filed, for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Section 7 – Regulation FD
Item 7.01. Regulation FD Disclosure.
In addition, this Form 8-K includes a copy of the Company’s presentation to analysts and investors of its Second Quarter 2017 Financial Results for the quarter ended June 30, 2017, which is attached as Exhibit 99.2. The information included in Exhibit 99.2 shall be considered furnished, not filed, for purposes of the Exchange Act. The Company also provides supplementary financial information on its website, which is not incorporated by reference in this Form 8-K.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
| 99.1 | Press release issued by CIT Group Inc. on July 25, 2017 reporting its financial results as of and for the quarter ended June 30, 2017. |
| 99.2 | Presentation by CIT Group Inc. on July 25, 2017 regarding its Second Quarter 2017 Financial Results. |
Forward-Looking Statements
This Form 8-K contains forward-looking statements within the meaning of applicable federal securities laws that are based upon our current expectations and assumptions concerning future events, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. The words “expect,” “anticipate,” “estimate,” “forecast,” “initiative,” “objective,” “plan,” “goal,” “project,” “outlook,” “priorities,” “target,” “intend,” “evaluate,” “pursue,” “commence,” “seek,” “may,” “would,” “could,” “should,” “believe,” “potential,” “continue,” or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements contained in this Form 8-K, other than statements of historical fact, including without limitation, statements about our plans, strategies, prospects and expectations regarding future events and our financial performance, are forward-looking statements that involve certain risks and uncertainties. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and our actual results may differ materially. Important factors that could cause our actual results to be materially different from our expectations include, among others, the risk that CIT (i) is unsuccessful in implementing its strategy and business plan, (ii) is unable to react to and address key business and regulatory issues, (iii) is unable to achieve the projected revenue growth from its new business initiatives or the projected expense reductions from efficiency improvements, and (iv) becomes subject to liquidity constraints and higher funding costs. We describe these and other risks that could affect our results in Item 1A, “Risk Factors,” of our latest Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on the forward-looking statements contained in this Form 8-K. These forward-looking statements speak only as of the date on which the statements were made. CIT undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except where expressly required by law.
CIT GROUP INC ExhibitEX-99.1 2 e74966ex99-1.htm PRESS RELEASE Exhibit 99.1 FOR IMMEDIATE RELEASE CIT Announces Second Quarter 2017 Results Highlights: ·Second quarter net income of $157 million or $0.85 per diluted common share; income from continuing operations of $41 million or $0.22 per diluted common share ·Second quarter income from continuing operations excluding noteworthy items1 of $126 million or $0.68 per diluted common share ·Completion of Commercial Air sale enabled significant liability management and capital actions ○Returned $3.3 billion of common equity ○Reduced unsecured borrowings by $5.8 billion ·Issued $325 million in preferred stock that qualifies as Tier 1 capital for regulatory purposes ·Received non-objection to 2017 capital plan,…To view the full exhibit click here
About CIT GROUP INC. (NYSE:CIT)
CIT Group Inc. (CIT) is a bank holding company. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world. The Company’s segments include North America Banking (NAB), including Commercial Real Estate, Commercial Banking and Consumer Banking divisions; Transportation & International Finance (TIF), including Aerospace, Rail, Maritime Finance and International Finance divisions, and Legacy Consumer Mortgages (LCM), which includes single-family residential mortgage (SFR) loans and reverse mortgage loans. CIT products and services include account receivables collection; equipment leases; acquisition and expansion financing; factoring services; financial risk management; asset management and servicing; asset-based loans; insurance services; credit protection; debt restructuring, and deposits.