UPDATE: CIT Group Shares Gain On Upbeat Earnings

Shares of

gained more than 2% in pre-market trading after the company reported better-than-expected earnings for the latest quarter. The Livingston, New Jersey-based company reported quarterly earnings of $251 million, or $1.37 per share, compared to $129.9 million, or $0.65 per share, in the year-ago period. However, analysts were expecting earnings of $0.95 per share. Its net finance margin widened to 4.88% from 4.83%, while net finance revenue gained to $373 million from $325 million. For the year, CIT Group posted a profit of $1.13 billion, on revenue of $2.54 billion. CIT Group shares rose 2.16% to $46.84 in pre-market trading.