American Express Q3 Earnings Beat Estimates with $3.49 EPS, $16.64B Revenue, Raises Full-Year EPS Guidance

Oct 18, 2024, 11:07 AM

American Express (NYSE: $AXP) reported third-quarter earnings per share (EPS) of $3.49, surpassing the consensus estimate of $3.28. The company recorded revenues of $16.64 billion, slightly below the expected $16.67 billion, but up 8.2% year-over-year. Net income for the quarter was $2.51 billion, an increase from $2.45 billion year-over-year. American Express also raised its full-year 2024 EPS guidance to a range of $13.75 to $14.05, up from the previous range of $13.30 to $13.80. The company noted a provision for credit losses of $1.4 billion and billed business of $387.3 billion, both exceeding estimates. Despite the rise in provisions for credit losses, the strong customer spending drove the better-than-expected profits. The stock has increased 84.29% in the past year and 51.1% year-to-date, currently priced at $281.68. The market cap stands at $203.16 billion, and shares are up 2% premarket.