American Express Co. (NYSE: AXP) released its fourth-quarter financial results before the markets opened on Friday. The company said that it had $2.03 in earnings per share (EPS) and $11.37 billion in revenue, which compares with consensus estimates of $2.01 in EPS and $11.36 billion in revenue. The same period of last year reportedly had EPS of $1.74 on $10.47 billion in revenue.
Fourth-quarter consolidated total revenues net of interest expense were $11.4 billion, up 9% from $10.5 billion a year ago. This growth continued to be driven by a well-balanced mix of growth in fee, spend and lend revenues, consistent with the high levels of revenue growth the company has delivered for over two years.
Consolidated provisions for losses were $1 billion, up 7% from $954 million a year ago.
In terms of its segments, Amex reported as follows:
- Global Consumer Services Group reported fourth-quarter net income of $846 million, up 21% from $702 million a year ago.
- Global Commercial Services reported fourth-quarter net income of $617 million, down 1% from $624 million a year ago.
- Global Merchant and Network Services reported fourth-quarter net income of $549 million, up 10% from $501 million a year ago.
- Corporate and Other reported fourth-quarter net loss of $319 million, compared with net income of $183 million a year ago.
Steve Squeri, board chair and chief executive, commented:
We once again delivered steady, consistent performance in the fourth quarter, marking our 10th straight quarter of FX-adjusted revenue growth at or above 8%. These results demonstrate the success of our strategy to generate sustainable, profitable growth across the enterprise over the long term.
American Express stock traded early Friday at $137.53, above the prior 52-week range of $99.48 to $132.27 a share.