American Express Sees FY24 EPS Growth Of 13% - 17%; Projects Revenue To Rise 9% - 11%

(RTTNews) - American Express Company (AXP) announced, for 2024, the company projects EPS in a range of $12.65 - $13.15, a growth of 13% - 17%. Revenue growth is anticipated in a range of 9% - 11%. For long-term, the company expects: EPS growth in mid-teens; and revenue growth in excess of 10%.

Fourth quarter net income was $1.93 billion, an increase of 23% from prior year. Earnings per share was $2.62, up 27%. Analysts on average had expected the company to earn $2.64 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Fourth quarter total revenues net of interest expense was $15.80 billion, an increase of 11% from prior year. Analysts on average had estimated $16 billion in revenue. The company said the increase was primarily driven by higher net interest income and increased Card Member spending. Consolidated provisions for credit losses were $1.4 billion, compared with $1 billion.

Stephen Squeri, CEO, said: "We added 12.2 million new proprietary cards in the year, bringing the total number of cards-in-force issued on our global network to over 140 million."

Shares of American Express are up 3% in pre-market trade on Friday.

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