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American Express on Wednesday reported earnings that topped expectations and raised its 2016 full-year guidance, sending shares higher in extended trading.
The credit card issuer posted adjusted earnings of $1.20 per share on revenue of $7.77 billion.
Analysts expected the credit card company to report earnings of 97 cents a share on about $7.7 billion in revenue, according to a consensus estimate from Thomson Reuters.
The stock jumped 5 percent in after-hours trade.
The company raised its full-year guidance, and now expects adjusted earnings between $5.90 and $6 a share, excluding restructuring charges. It previously projected full-year earnings per share between $5.40 and $5.70 a share.
"The year-to-date progress gives us greater confidence to substantially increase our investment spending during the remainder of the year and, at the same time, raise our 2016 earnings guidance," Chairman and CEO Kenneth Chenault said.
The company also reaffirmed its outlook for 2017.
"While there's more work and more challenges ahead, the investments we're making are designed to position us for profitable, sustainable growth over the longer term, and we remain on track to earn at least $5.60 per share in 2017," he added.
The company's U.S. consumer services segment reported a third-quarter net income of $401 million, compared to $542 million during the same period a year ago. Segment expenses for the quarter were about $2 billion, down $200 million from a year ago. Last year, the company's third quarter included figures from its Costco partnership, which ended earlier this year.
The report comes as the company looks to rebound from its lost Costco revenues. Last year, the wholesale giant chose not to renew its partnership with American Express. It later announced Visa would take its place as the only accepted credit card at its warehouses, and that Citigroup would be the exclusive issuer of its credit cards.
In a $12 billion portfolio, Costco's 11 million customers represented 10 percent of American Express' customers and 20 percent of its loans.
The credit card company increased its marketing and promotional expenses by $200 million in 2016. At its 2016 Investor Day, the company said it expects to pare its expenses by $200 million to $400 million in 2017.