|
AmEx beats Street
|
 |
October 26, 1998: 2:39 p.m. ET
American Express profit climbs 14 % in 3Q as travel services take off
|
NEW YORK (CNNfn) - American Express Co. reported record third-quarter net income Monday of $574 million, beating out Wall Street estimates by a penny.
American Express, a travel, financial and network services provider, posted diluted earnings of $1.25 per share for the three months ended Sept. 30, up 14 percent from $524 million, or $1.10 per share, a year ago..
Analysts expected AmEx to earn $1.24 per share, according to First Call consensus estimates.
Revenue for the quarter totaled $4.8 billion, up more than 6 percent from $4.5 billion a year ago. The company also recorded a 24 percent return on equity.
At the same time, AmEx's Travel Related Services (TRS) reported record quarterly net income of $362 million, up 17 percent from $310 million for the year-ago quarter.
Despite the downturn in the global economy, revenue of the company's TRS division increased 8 percent, reflecting higher billed business in the United States and abroad.
Shares of American Express (AXP) were trading up 2 at 89-5/8 on the New York Stock Exchange.
For the first nine months of the year, the company earned $1.6 billion, or diluted earnings per share of $3.47. That's up from $1.5 billion, or $3.12 per share, a year ago. 
|
|
|
|
|
|
American Express
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
.
