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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 1.84% 124.63 Delayed Quote.30.75%
COSTCO WHOLESALE CORPORATION 0.95% 274.1 Delayed Quote.34.55%
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Financials (USD)
Sales 2019 43 589 M
EBIT 2019 12 392 M
Net income 2019 6 621 M
Debt 2019 -
Yield 2019 1,31%
P/E ratio 2019 15,7x
P/E ratio 2020 13,8x
Capi. / Sales2019 2,37x
Capi. / Sales2020 2,20x
Capitalization 103 B
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Technical analysis trends AMERICAN EXPRESS COMPANY
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 132,24  $
Last Close Price 124,63  $
Spread / Highest target 18,8%
Spread / Average Target 6,11%
Spread / Lowest Target -13,3%
EPS Revisions
Managers
NameTitle
Stephen J. Squeri Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive Vice President
Marc D. Gordon Chief Information Officer & Executive VP
Charlene Barshefsky Independent Director
Peter F. Chernin Independent Director
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