AmEx Beats Earnings Expectations, Revenue Climbs
American Express said its net income fell 6 percent but earnings beat expectations and revenue increased amid higher card-member spending.
The credit-card lender also said it's on track for full-year earnings-per-share growth of 4 to 6 percent.
Net income slipped to $991 million, or 85 cents a share, from $1.06 billion, or 87 cents a share, a year earlier.
Income from continuing operations slipped to 84 cents a share from 92 cents a share a year earlier, but still beat expectations.
Revenue rose 11 percent to $7.19 billion from $6.48 billion, helped by a 14 percent increase in card-member spending.
Analysts polled by Thomson Financial, on average, forecast earnings of 81 cents per share for the quarter on revenue of $7.34 billion.
Shares of American Express rose 4 percent in extended electronic trading after finishing regular market hours up 1.8 percent at $45.18 on the New York Stock Exchange.
The stock fell 16 percent during the first quarter, to end the period at $43.72.
- Wire copy contributed to this report.