CIT Group reported on Tuesday a profitable quarter (its second since emerging from bankruptcy) and progress toward paying down debt.

The company earned $142 million during the second quarter, beating analyst expectations by nearly half. Though most of those gains were based on dispositions and its postbankruptcy, fresh-start accounting, CIT reported gains in its aircraft and rail leasing operations. CIT's assets shrank 5%, to $54.9 billion from the previous quarter, with the company paying down $3 billion of debt.

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