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MarketScreener Homepage  >  Equities  >  Nyse  >  JPMorgan Chase & Co.    JPM

JPMORGAN CHASE & CO.

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American Express misses estimates on slowing customer spending; shares drop

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01/17/2019 | 07:33pm EDT
An American Express credit card is seen on a computer keyboard in this picture illustration

(Reuters) - American Express Co missed Wall Street's fourth-quarter profit estimates on Thursday, as the rate of customer spending slowed despite a strong U.S. holiday sales season.

The credit-card issuer's shares fell 2.4 percent in extended trading.

"For the past couple of quarters card spending for AmEx in the U.S. has been 10 percent, that dropped down to about 9 percent this quarter, that is having an effect on the stock," Buckingham Research Group analyst Chris Brendler said.

The slowing growth came despite the United States witnessing its strongest holiday season in six years on the back of a robust economy and more deals. According to a Mastercard report on Dec. 26, holiday spending rose 5.1 percent to over $850 billion.

This strong health of the consumer spurred more customers to take loans on credit cards in the quarter, growing AmEx's loan portfolio by 12 percent in the fourth quarter. However, this also drove provisions for credit losses higher by 14 percent.

Meanwhile, expenses rose 9 percent as AmEx poured more money into offering perks such as rewards programs and lounge access at airports to better compete against companies such as JPMorgan's Chase cards division and payment networks Visa and Mastercard.

Card member rewards expenses rose 11 percent, AmEx said.


The company said https://reut.rs/2RyxpFO its net income was $2.01 billion, or $2.32 per share, in the quarter ended Dec. 31, compared with a loss of $1.21 billion, or $1.42 per share, a year earlier, when it took a charge due to a change in U.S. tax laws.

Excluding items, the company earned $1.74 per share, missing analysts' average estimate of $1.80, according to IBES data from Refinitiv data.

Revenue, net of interest expense, rose 7.9 percent to $10.47 billion, but fell short of analysts' estimates of $10.56 billion.

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Maju Samuel)

Stocks mentioned in the article
ChangeLast1st jan.
ACCESS CO., LTD. 3.49% 949 End-of-day quote.-0.63%
AMERICAN EXPRESS COMPANY 0.30% 94.33 Delayed Quote.-24.23%
CHANGE INC. 2.30% 7570 End-of-day quote.160.32%
JPMORGAN CHASE & CO. -0.64% 92.66 Delayed Quote.-33.53%
JUST GROUP PLC -4.49% 48.9 Delayed Quote.-38.10%
MASTERCARD 0.42% 302.42 Delayed Quote.1.28%
VISA 0.98% 195.67 Delayed Quote.4.14%
WILL GROUP, INC. 0.32% 636 End-of-day quote.-49.20%
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Financials (USD)
Sales 2020 110 B - -
Net income 2020 16 066 M - -
Net Debt 2020 - - -
P/E ratio 2020 17,4x
Yield 2020 3,92%
Capitalization 282 B 282 B -
EV / Sales 2019
Capi. / Sales 2020 2,56x
Nbr of Employees 256 720
Free-Float 73,5%
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 108,92 $
Last Close Price 92,66 $
Spread / Highest target 55,4%
Spread / Average Target 17,5%
Spread / Lowest Target -16,9%
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NameTitle
James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Jennifer A. Piepszak Chief Financial Officer
Lori A. Beer Chief Information Officer
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