AmEx Upgrades Provisions For Losses; Profit Rises -- WSJ

Date : 10/19/2019 @ 7:02AM
Source : Dow Jones News
Stock : American Express Company (AXP)
Quote : 119.3  0.0 (0.00%) @ 8:59AM

AmEx Upgrades Provisions For Losses; Profit Rises -- WSJ

American Express (NYSE:AXP)
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2 Months : From Sep 2019 to Nov 2019

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By Allison Prang 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (October 19, 2019).

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 consumer-services division because of a rise in net lending write-offs and delinquencies, American Express said.

Expenses rose 8.8% to $7.84 billion. Costs for marketing and business development rose, and costs for card-member rewards and services rose.

The board recently approved a new plan to buy back up to 120 million of its shares.

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

 

(END) Dow Jones Newswires

October 19, 2019 02:47 ET (06:47 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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