American Express's Earnings, Top Line Rise
18 October 2019 - 11:39PM
Dow Jones News
By Allison Prang
American Express Co.'s profit and revenue climbed in the third
quarter, along with its provision for losses.
The credit-card company had a profit of $1.76 billion, up 6.1%
from the comparable quarter a year ago. Earnings were $2.08 a
share, up from $1.88 a share.
Analysts polled by FactSet were expecting $2.03 a share.
Revenue net of interest expense was $10.99 billion, up 8.3% from
a year ago. Analysts were expecting $10.94 billion.
American Express expects revenue to rise between 8% and 10% in
the current quarter, Chief Executive Steve Squeri said in prepared
remarks. He also reaffirmed the company's earnings guidance for the
year.
"The trends we saw in the business this quarter continue to be
consistent with an economy that continues to grow, albeit at a more
modest pace than last year," Mr. Squeri said.
The company reported $879 million in provisions for losses, 7.6%
higher from a year earlier.
This metric rose in the company's consumer-services division
because of a rise in net lending write-offs and delinquencies,
American Express said.
The company's board recently approved a new plan to buy back up
to 120 million of shares.
(END) Dow Jones Newswires
October 18, 2019 08:24 ET (12:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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