The U.S. credit card issuer American Express reported fourth-quarter earnings and revenue after the market close on Thursday that both missed analysts' expectations.
It reported adjusted earnings per share of 1.74 U.S. dollars and revenue of 10.47 billion dollars, both lower than the forecast gathered by Refinitiv.
For 2018, the company reported a net income of 6.9 billion dollars, compared with net income of 2.7 billion dollars a year ago. Earnings per share were 7.91 dollars, compared with 2.99 dollars a year ago. Revenues net of interest expense for the full year were a record 40.3 billion dollars, up 9 percent from 36.9 billion dollars a year ago.
"Strong 2018 revenue growth reflects higher card member spending, loans and card fees," the company said in a statement.
The company released upbeat guidance for 2019, expecting full year 2019 revenue growth to be between 8 and 10 percent and earnings per share to be between 7.85 dollars and 8.35 dollars, subject to contingencies.
"While there are mixed signals in the political and economic environment, based on what we see in the business we are starting 2019 from a position of strength," said Stephen J. Squeri, chairman and chief executive officer, in the statement.
It reported adjusted earnings per share of 1.74 U.S. dollars and revenue of 10.47 billion dollars, both lower than the forecast gathered by Refinitiv.
For 2018, the company reported a net income of 6.9 billion dollars, compared with net income of 2.7 billion dollars a year ago. Earnings per share were 7.91 dollars, compared with 2.99 dollars a year ago. Revenues net of interest expense for the full year were a record 40.3 billion dollars, up 9 percent from 36.9 billion dollars a year ago.
"Strong 2018 revenue growth reflects higher card member spending, loans and card fees," the company said in a statement.
The company released upbeat guidance for 2019, expecting full year 2019 revenue growth to be between 8 and 10 percent and earnings per share to be between 7.85 dollars and 8.35 dollars, subject to contingencies.
"While there are mixed signals in the political and economic environment, based on what we see in the business we are starting 2019 from a position of strength," said Stephen J. Squeri, chairman and chief executive officer, in the statement.
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