American Express GAAP EPS of $2.07 misses by $0.16, revenue of $14.2B misses by $50M, guides EPS above FY23 consensus
Jan. 27, 2023 7:00 AM ETAmerican Express Company (AXP)By: Gaurav Batavia, SA News Editor
- American Express press release (NYSE:AXP): Q4 GAAP EPS of $2.07 misses by $0.16.
- Revenue of $14.2B (+16.7% Y/Y) misses by $50M, driven by highest ever quarterly card member spending
- The Company expects full-year 2023 revenue growth of 15% to 17% and EPS of $11.00 to $11.40 vs $10.45 consensus.
- Consolidated provisions for credit losses were $1.0 billion, compared with $53 million a year ago. The increase reflected a reserve build of $492 million, compared with a net reserve release of $168 million a year ago, as well as higher net write-offs in the current quarter. Credit metrics remained strong in the current quarter and below pre-pandemic levels.