- The headline is an earnings beat of $0.15, but it's not that impressive as this quarter's bottom line was helped by a $1.1B gain from the sale of the Costco portfolio, offset by a $232M restructuring charge (both pretax numbers). A check of the top line has revenues of $8.24B, about flat Y/Y, and missing estimates by $160M.
- The quarterly dividend will be boosted by 10% to $0.32 per share following the CCAR, and $3.3B in repurchases are set for the next four quarters (after $2.8B YTD).
- Worldwide billed business rose 3% Y/Y, or 8% when adjusting for Costco and forex.
- U.S. Consumer Services revenue of $3.2B slipped 3% Y/Y, mostly thanks to Costco and an increase in cash rebate rewards. Provisions of $237M fell 2%.
- International Consumer and Network Services net income of $228M up 18% Y/Y. Revenue of $1.4B up 6% (up 11% forex adjusted).
- Global Commercial Services net income of $576M up 5% Y/Y. Global Merchant Services net income of $373M up 1%.
- CC at 5 ET
- Previously: American Express beats by $0.15, misses on revenue (July 20)
-
AXP +2% after hours