{"id":129898,"date":"2022-10-21T14:17:09","date_gmt":"2022-10-21T14:17:09","guid":{"rendered":"https:\/\/fin2me.com\/?p=129898"},"modified":"2022-10-21T14:17:09","modified_gmt":"2022-10-21T14:17:09","slug":"american-express-q3-profit-up-3-tops-estimates","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/american-express-q3-profit-up-3-tops-estimates\/","title":{"rendered":"American Express Q3 Profit Up 3%, Tops Estimates"},"content":{"rendered":"

Integrated payments company American Express Co. (AXP) reported on Friday the net profit for the third quarter grew three percent from last year, driven by double-digit revenue growth across all its operating segments, partially offset by higher provisions for credit losses. Earnings per share topped analysts’ estimates, while quarterly revenues missed it by a whisker.<\/p>\n

Based on its performance to date, the company continues to project full-year 2022 revenue growth of 23 to 25 percent and now expects to be above its original full-year earnings guidance range of $9.25 to $9.65 per share.<\/p>\n

The Street is currently looking for earnings of $9.91 per share on revenues growth of 24.7 percent to $52.83 billion for the year.<\/p>\n

In Friday’s pre-market trading, GS is currently trading at $135.17, down 7.25 or 5.09 percent.<\/p>\n

“We had a strong third quarter with revenues growing 24 percent year-over-year, reaching a record high for the second quarter in a row,” said Stephen Squeri, Chairman and CEO.<\/p>\n

For the third quarter, net income increased to $1.88 billion or $2.47 per share from $1.83 billion or $2.27 per share in the prior-year quarter.<\/p>\n

On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $2.41 per share for the quarter. Analysts’ estimates typically exclude special items.<\/p>\n

Consolidated total revenues, net of interest expense, grew 24 percent to $13.56 billion from $10.93 billion in the same quarter last year, primarily driven by increased Card Member spending. Analysts’ expected revenues of $13.58 billion for the quarter.<\/p>\n

Net interest income increased 29 percent to $2.58 billion and non0interest income was up 23 percent to $10.98 billion from last year.<\/p>\n

Consolidated provisions for credit losses were $778 million, compared with a benefit of $191 million a year ago, reflecting a reserve build of $387 million and higher net write-offs.<\/p>\n

U.S. Consumer Services revenues grew 27 percent to $6.2 billion, Commercial Services revenues were up 23 percent to $3.5 billion, International Card Services revenues increased 19 percent to $2.3 billion, and Global Merchant and Network Services revenues improved 26 percent to $1.7 billion from last year.<\/p>\n

Overall spending was up 21 percent (24 percent on an FX-adjusted basis), driven by growth in both Goods & Services and Travel & Entertainment spending, which surged 57 percent from a year earlier.<\/p>\n

The company said it added 3.3 million proprietary cards in the quarter, and saw acquisitions of U.S. Consumer Platinum and Gold cards and U.S. Business Platinum cards each hit record highs.<\/p>\n

Consolidated expenses were $10.3 billion, up 19 percent from $8.7 billion a year ago, primarily reflecting higher customer engagement costs, driven by a 19 percent increase in network volumes and higher usage of travel-related benefits.<\/p>\n

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Integrated payments company American Express Co. (AXP) reported on Friday the net profit for the third quarter grew three percent from last year, driven by […]<\/p>\n","protected":false},"author":3,"featured_media":129897,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nAmerican Express Q3 Profit Up 3%, Tops Estimates - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/economy\/american-express-q3-profit-up-3-tops-estimates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"American Express Q3 Profit Up 3%, Tops Estimates - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Integrated payments company American Express Co. 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