NEW YORK CITY (dpa-AFX) - American Express Company (AXP) said, based on the steady spend and credit trends it has seen to date and the current economic outlook, the company is maintaining full-year guidance for revenue growth of 8 to 10 percent and EPS of $15.00 to $15.50, in line with the ranges provided in January.
American Express Company reported first-quarter net income of $2.6 billion, or $3.64 per share, compared with net income of $2.4 billion, or $3.33 per share, a year ago. Analysts on average had expected the company to earn $3.47 per share. Analysts' estimates typically exclude special items.
First-quarter consolidated total revenues net of interest expense were $17.0 billion, up 7 percent year-over-year, or 8 percent on an FX-adjusted basis. The company said the increase was primarily driven by higher net interest income supported by growth in revolving loan balances, increased Card Member spending, and continued strong card fee growth.
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