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AmEx modestly lower after bottom line miss

Jan. 19, 2017 4:19 PM ETAmerican Express Company (AXP) StockAXPBy: Stephen Alpher, SA News Editor1 Comment
  • Q4 adjusted EPS of $0.91 compares to $0.89 earned one year ago. Estimates were for $0.98.
  • Cardmember spending (adjusted for Costco and FX) rose 7% in Q4.
  • Adjusting for the Costco loss, revenue net of interest expense rose 6% from Q4 one year ago.
  • Loss provisions of $625M up 20% from last year's adjusted figure mostly reflecting higher loan growth, but also from an increase in delinquency and write-offs.
  • CEO Ken Chenault: "We continue to operate in a very challenging environment." Full-year EPS is seen at $5.60-$5.80 vs. $5.65 in 2016 (excl. restructuring charges, EPS in 2016 was $5.93). EPS in 2015 was $5.05.
  • CC at 5 ET
  • Previously: American Express misses by $0.07, beats on revenue (Jan. 19)
  • AXP -0.45% after hours

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