Earnings Preview: CIT Group

CIT Group (CIT) is slated to report Q1 earnings before the market open on Thursday, April 23 with a conference call scheduled for 9:00 am ET.

Guidance

Analysts are looking for EPS of (45c) on revenue of $438.56M. The consensus range is (72c)-(34c) for EPS, and $323.60M-$757M for revenue, according to First Call.

Analyst Views``

CIT may benefit from the problems of AIG (AIG), Sandler O'Neill analyst Michael Taiano told Dow Jones Newswires last month. Taiano noted that both CIT and AIG are bank holding companies that have an aerospace leasing unit.

In negative news for CIT, S&P last month downgraded the credit rating of the company to 'BBB/A-3' from 'BBB+/A-2.' "This rating action reflects our increased concerns about CIT's prospective core earnings in light of the continued deterioration of macroeconomic conditions, which has driven more pronounced asset-quality weakness than we had previously anticipated," S&P explained.