American Express Q2 Earnings Beat Estimates with $3.49 EPS, $16.33B Revenue, Raises Full-Year Guidance

Jul 19, 2024, 11:06 AM

American Express reported its second-quarter earnings for 2024, exceeding expectations with an adjusted EPS of $3.49 compared to the estimated $3.26. Additionally, the EPS came in at $4.15, surpassing the consensus of $3.26. However, revenue fell slightly short of forecasts, coming in at $16.33 billion against an expected $16.59 billion. The company raised its full-year EPS guidance to a range of $13.30 to $13.80, up from the previous range of $12.65 to $13.15. Revenue growth for the year is now projected to be between 9% and 11%. Total expenses were reported at $11.28 billion, below the estimated $12.11 billion, while card rewards expenses were $4.23 billion, slightly under the forecasted $4.28 billion. The provision for credit losses stood at $1.3 billion. The company's market cap is $179.25 billion, and shares are currently valued at $249.20. Despite the earnings beat, shares were down 1.3% in pre-market trading.