American Express' Profit Falls, Revenue Increases

Date : 01/24/2020 @ 1:00PM
Source : Dow Jones News
Stock : American Express Company (AXP)
Quote : 109.93  -2.88 (-2.55%) @ 10:12PM
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Last $ 110.25 ▲ 0.32 (0.29%)

American Express' Profit Falls, Revenue Increases

American Express (NYSE:AXP)
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2 Months : From Dec 2019 to Feb 2020

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By Allison Prang 

American Express Co.'s fourth-quarter profit declined from a year ago but its revenue increased.

The credit-card company's profit was $1.69 billion for the quarter, down 16% from the comparable quarter a year ago. Earnings were $2.03 per share, 2 cents ahead of what analysts polled by FactSet were expecting.

A year earlier, American Express recorded an income-tax benefit, which helped earnings. For the fourth quarter of 2019, it reported income-tax expenses.

Total revenue net of interest expense were $11.37 billion, meeting analysts' consensus estimate. Revenue was up more than 8% from the comparable quarter a year ago.

Card member rewards costs increased year over year by over 8%.

The company expects earnings for 2020 to be between $8.85 and $9.25 a share and revenue, adjusted for foreign-exchange impact, to rise between 8% and 10%, Chief Executive and Chairman Stephen Squeri said in prepared remarks. Analysts are guiding for earnings to be within that range.

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

 

(END) Dow Jones Newswires

January 24, 2020 07:45 ET (12:45 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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