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AmEx 3Q meets forecasts
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October 25, 1999: 1:58 p.m. ET
Financial services firm meets estimates amid growth in travel services
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NEW YORK (CNNfn) - American Express Co. Monday reported third-quarter earnings in line with Wall Street estimates amid strong growth in its travel and financial services.
American Express (AXP) logged a profit of $648 million, or $1.42 a diluted share, matching the forecasts of analysts polled by First Call. Revenue climbed 12 percent to $4.9 billion.
AmEx's performance beat its year-earlier results, when the company earned $574 million, or $1.25 a share, on $4.3 billion in revenue.
AmEx attributed much of its strong third-quarter showing to 14 percent growth in both its Travel Related Services and Financial Advisor units.
Net income at American Express Bank/Travelers Cheque, however, fell to $38 million from $43 million a year earlier, largely due to lower foreign exchange trading revenue in Asia.
For the nine months ended Sept. 30, AmEx reported a profit of $1.9 billion, or $4.09 a diluted share, on $14.2 billion in revenue, compared with earnings of $1.6 billion, or $3.47 a share, on $12.7 billion in revenue in the year-earlier period.
American Express shares dropped 4-1/4 to 144-3/8 in afternoon trade.
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American Express
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