American Express beats by $0.09, misses on revs
Reports Q2 (Jun) earnings of $1.42 per share, $0.09 better than the Capital IQ Consensus Estimate of $1.33; revenues fell 4.0% year/year to $8.28 bln vs the $8.4 bln consensus.
- Excluding the impact of foreign exchange rates and business travel results in the year-ago period, adjusted revenues rose 5 percent. The increase primarily reflected higher Card Member spending and growth in the loan portfolio.
- Consolidated provisions for losses totaled $467 million, down 4 percent from $489 million a year ago. The decrease reflected lower net write-offs in the current quarter, offset, in part, by the effect of a larger reserve release a year ago.
- The company's return on average equity (ROE) was 28.1 percent, down from 28.8 percent a year ago.