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MarketScreener Homepage  >  Equities  >  Nyse  >  American Express Company    AXP

AMERICAN EXPRESS COMPANY

(AXP)
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American Express Revenue, Profit Rise -- Update

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07/19/2019 | 09:05am EDT

By Kimberly Chin

Revenue at American Express Co. was lifted in the latest quarter by higher card-member spending, loans and card fees, though expenses from rewards programs also increased.

Total revenue, net of interest expense, rose 8.4% to $10.84 billion for the quarter. Analysts surveyed by FactSet expected revenue of $10.83 billion.

Discount revenue, which reflects the fees charged to merchants for accepting AmEx cards, was $6.58 billion, a 6.2% gain from a year ago. Net card fees rose 17% for the quarter.

Card-member rewards expenses, including the points that AmEx pays when cardholders redeem for hotels, airfare and other rewards, rose 9% to $2.65 billion.

Total expenses were up 9.2% driven by card-member spending, consumers using card benefits more frequently and continued investments in co-brand partnerships, the company said Friday.

In recent years, AmEx has promoted lending to its card member base to help boost revenue following the loss of card partnerships, including that with Costco Wholesale Corp.

Card-member loans rose 10% from a year ago to $83.2 billion The company generated $2.76 billion from interest on loans, up 16% from the year prior.

AmEx said its provision for losses was $861 million in the quarter, a 6.8% increase from a year earlier. Its loss reserve as a percentage of loans was 2.6% up from 2.4% a year earlier.

AmEx reported second-quarter profit of $1.76 billion, or $2.07 a share, up from $1.62 billion, or $1.84 a share, a year earlier. Analysts were looking for $2.03 a share.

Write to Kimberly Chin at kimberly.chin@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY -1.53% 101.68 Delayed Quote.-18.32%
BASE CO., LTD. -1.44% 4460 End-of-day quote.64.98%
BASE, INC. -6.43% 6550 End-of-day quote.273.22%
COSTCO WHOLESALE CORPORATION 1.30% 336.76 Delayed Quote.14.58%
LINE CORPORATION 0.18% 5420 End-of-day quote.1.31%
RISE, INC. 0.00% 29 End-of-day quote.-3.33%
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Financials (USD)
Sales 2020 36 323 M - -
Net income 2020 2 465 M - -
Net Debt 2020 - - -
P/E ratio 2020 32,1x
Yield 2020 1,70%
Capitalization 81 869 M 81 869 M -
Capi. / Sales 2020 2,25x
Capi. / Sales 2021 2,04x
Nbr of Employees 64 000
Free-Float 99,9%
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Technical analysis trends AMERICAN EXPRESS COMPANY
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 104,96 $
Last Close Price 101,68 $
Spread / Highest target 27,9%
Spread / Average Target 3,23%
Spread / Lowest Target -21,3%
EPS Revisions
Managers
NameTitle
Stephen J. Squeri Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive VP-Finance
Marc D. Gordon Chief Information Officer & Executive VP
Charlene Barshefsky Independent Director
Peter F. Chernin Independent Director
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