American Express IQ

Thomson Financial News
American Express 1Q ongoing EPS top expectations, revenue rises
04.24.08, 5:35 PM ET

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NEW YORK (Thomson Financial) - American Express Co. reported first-quarter earnings from continuing operations of $974 million, or 84 cents a share, down from $1.1 billion, or 90 cents a share in the same period a year ago.

The mean estimate of analysts surveyed by Thomson Reuters was for earnings of 81 cents a share.

Note: Sudden Drop in survey will create great effects.

Net revenue rose 11% to $7.19 billion from last year's $6.48 billion, compared with analyst forecasts of $7.2 billion, amid 14% growth in cardmember spending.

Total provisions for losses and benefits increased 48% to $1.27 billion from $859 million a year ago. Provisions for losses in its U.S. card services business grew 52% to $881 million.

The stock, a component of the Dow industrials, closed Thursday's regular session at $45.18.



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