American Express GAAP EPS of $2.57 beats by $0.17, revenue of $13.4B beats by $860M, raises FY22 revenue guidance

Jul. 22, 2022 7:02 AM ETAmerican Express Company (AXP)By: Gaurav Batavia, SA News Editor4 Comments
  • American Express press release (NYSE:AXP): Q2 GAAP EPS of $2.57 beats by $0.17.
  • Revenue of $13.4B (+30.9% Y/Y) beats by $860M.
  • Total revenues net of interest expense were $13.4 billion, up 31 percent from $10.2 billion a year ago. The increase primarily reflected growth in Card Member spending compared to the prior year.
  • Consolidated provisions for credit losses were $410 million, compared with a benefit of $606 million a year ago. The change primarily reflected a small net reserve build in the current quarter compared with a $866 million reserve release a year ago.
  • Based on performance to date, the company is raising its full-year revenue growth guidance from a range of 18% to 20% to a range of 23% to 25% vs. 19.14% consensus; the company is maintaining its full-year EPS guidance range of $9.25 to $9.65 vs. $9.77 consensus.
  • Record Card Member Spending Driven by Robust Travel and Entertainment Rebound.

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