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10/18/2018, 10:05 PM (Source: TeleTrader)
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American Express reports 9% higher revenue in Q3

Financial corporation American Express Co. said on Thursday its revenue in the third fiscal quarter of 2018 stood at $10.1 billion, increasing by 9% annually. Adjusted for the impact of foreign exchange rates, the increase was 10%. At the same time, diluted earnings per share were $1.88, up 25% from the same quarter a year ago.

The company added that its net income for the three months through September totaled $1.7 billion, or 22% more year over year. Consolidated provisions for losses added 6% to reach $817, as consolidated expenses grew 8% to stand at $7.2 billion, compared to the third quarter of 2017. The decrease of the consolidated effective tax rate from 26% to 22% on an annualized basis, reflecting the reduction in the US federal statutory tax rate as a result of the 2017 Tax Cuts and Jobs Act, the release noted.

"This marks our sixth consecutive quarter of strong adjusted revenue growth and our investments in new benefits, services and digital capabilities continued to generate momentum as we enter the latter part of 2018. Given that momentum, we now expect full-year 2018 revenues to be up 9 to 10 percent and adjusted EPS to be $7.30 to $7.40, up from the $6.90 to $7.30 range we set at the start of the year," said chairman and chief executive officer of American Express, Stephen Squeri.

The company's shares climbed over 1% in after hour trading, following the earnings release.

Breaking the News / NI