Breaking News: CIT Group’s loss worse than expected and says bankruptcy filing still a possibility
By Daniel at 18 August, 2009, 11:06 am
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“CIT lost $4.30 per share during the quarter ended June 30. During the same quarter last year, CIT lost $2.08 billion, or $7.88 per share, due to a $2.55 billion charge from discontinued operations.
CIT’s loss from continuing operations during the most recent quarter totaled $1.62 billion, compared with earnings from continuing operations during the year-ago period of $47.9 million.
Analysts polled by Thomson Reuters, on average, forecast a loss of $1.95 per share for the latest quarter.
In its quarterly report to the Securities and Exchange Commission, CIT said there is still “substantial doubt” about its ability to continue operating.”
“The retail sector would be hit especially hard. CIT serves as short-term financier to about 2,000 vendors that supply merchandise to 300,000 stores, according to the National Retail Federation. Analysts say 60 percent of the apparel industry depends on CIT for financing.”
http://finance.yahoo.com/news/CIT-Group-records-168-billion-apf-4019451808.html?x=0
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