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AMEX edges estimates
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July 24, 2000: 1:43 p.m. ET
Financial services company says travel, fiscal advice units drove 2Q earnings
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NEW YORK (CNNfn) - American Express reported second-quarter net income Monday of 54 cents a share, a penny more than Wall Street estimates and 15 percent more than the year-ago quarter.
For the quarter ended June 30, New York-based American Express reported net income of $740 million, up from $646 million a year earlier. Analysts surveyed by earnings tracker First Call had forecast 53 cents a share.
Revenue rose to $5.6 billion from $4.8 billion.
 The results reflect strong earnings and revenue growth at Travel Related Services and American Express Financial Advisors, the company said.
For the six months ended June 30, American Express reported net income of $1.4 billion, or $1.03 a share, up from $1.2 billion, or 89 cents, a year ago.
Revenue grew to $8.3 billion from $7.1 billion.
The company met its own long-term targets of 12-15 percent earnings per share growth, and at least 8 percent revenue growth.
Net revenue in Travel Related Services rose 17 percent, reflecting higher billed business and strong growth in card member loans, the company said.
American Express (AXP: Research, Estimates) added 5.5 million new card members, a 12 percent increase from a year ago. On average, card members spent more than in the same period a year ago.
The company said interest expense on its charge cards grew as a result of higher volume and increased borrowing costs.
American Express Financial Advisors reported net income for the quarter of $275 million, up 14 percent from $242 million a year ago.
Increased managed assets, sales of mutual funds, annuities and life and other insurance products contributed to the earnings.
American Express shares were down 3-1/16 to 56-3/16 in midday trading Monday. 
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American Express
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