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Marcus Quigmire
According to a press release by Amex, net income increased to $2.51 billion in the July-September period from $2.45 billion in the same period last year. EPS increased to $3.49 from $3.30, exceeding analysts' consensus prediction of $3.38 as per FactSet's survey.
The company's revenue for the quarter increased to $16.64 billion from $15.38 billion in the previous year. On average, experts predicted the number to be $16.68bn.
Amex reported a 6 per cent increase in card spending to $387.3bn in the third quarter. Income from card services rose by 18% in the current period. The company distributed 3.3 million new cards in this timeframe.
Expenses for setting aside funds for potential loan losses reached $1.4bn in the July-September period, compared to $1.2bn in the same period last year.
The company raised its earnings guidance for the current year to $13.75 to $14.05 per share, up from the previous range of $13.3 to $13.8 per share. It is still anticipating a 9 per cent increase in full-year revenue.
source: marketwatch.com
The company's revenue for the quarter increased to $16.64 billion from $15.38 billion in the previous year. On average, experts predicted the number to be $16.68bn.
Amex reported a 6 per cent increase in card spending to $387.3bn in the third quarter. Income from card services rose by 18% in the current period. The company distributed 3.3 million new cards in this timeframe.
Expenses for setting aside funds for potential loan losses reached $1.4bn in the July-September period, compared to $1.2bn in the same period last year.
The company raised its earnings guidance for the current year to $13.75 to $14.05 per share, up from the previous range of $13.3 to $13.8 per share. It is still anticipating a 9 per cent increase in full-year revenue.
source: marketwatch.com
