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MarketScreener Homepage  >  Equities  >  Nyse  >  American Express Company    AXP

AMERICAN EXPRESS COMPANY

(AXP)
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American Express : Reports Over $1 Billion in Provisions for Credit Losses

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07/24/2020 | 08:16am EDT

By Allison Prang

American Express Co. reported a large drop in profit from a year earlier as the credit-card company logged provisions of $1.6 billion to cover potential losses.

That provision rose from $861 million a year earlier and the increase "primarily reflected the deterioration of the global macroeconomic outlook," American Express said. The company said the Covid-19 pandemic significantly affected results in the quarter.

"Spending volumes, which declined to their lowest point this quarter in April, gradually improved in May and June, with small businesses being the most resilient," Chief Executive and Chairman Stephen Squeri said in prepared remarks.

The company said net income for the quarter was $257 million, down from $1.76 billion in the comparable quarter last year. Earnings tumbled to 29 cents a share, down from $2.07 a share.

Total revenue, net of interest expense, fell 29%, the company said, to around $7.68 billion. According to FactSet, analysts expected $8.1 billion.

Write to Allison Prang at allison.prang@wsj.com

 


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Financials (USD)
Sales 2020 36 164 M - -
Net income 2020 2 695 M - -
Net Debt 2020 - - -
P/E ratio 2020 27,0x
Yield 2020 1,89%
Capitalization 73 330 M 73 330 M -
Capi. / Sales 2020 2,03x
Capi. / Sales 2021 1,83x
Nbr of Employees 64 000
Free-Float 99,9%
Chart AMERICAN EXPRESS COMPANY
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Technical analysis trends AMERICAN EXPRESS COMPANY
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 27
Average target price 107,38 $
Last Close Price 91,07 $
Spread / Highest target 42,7%
Spread / Average Target 17,9%
Spread / Lowest Target -3,37%
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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