American Express Co. (NYSE: AXP) is finding a mixed reception after its earnings report. The higher-end credit card issuer reported a 16% earnings gain to $1.33 in earnings per share versus expectations of $1.30 per share. Unfortunately, its revenue was $8.2 billion versus $8.36 billion expected.
International Card Services revenue was at $1.35 billion and US Card services revenue was $4.29 billion. Its provision for losses was $485 million in the quarter. Its return on average equity was 28.3%, and the return on tangible common equity was 28.3%. Consolidated expenses were down 1% to $5.5 billion.
One thing that really stands out here is that customer spending was up 6% globally in the first quarter – despite so many global woes. Another thing that will stand out handily is that book value per share was $18.87 – versus a $87.40 at the close and versus a consensus price target of $94.21.
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American Express shares were down more than 1% at $86.40 in the after-hours session, and its stock has traded in a range of $63.43 to $94.35 in the last 52-weeks.
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