American Express Co. (NYSE: AXP) cited increased spending and borrowing by cardholders during the holiday season as a reason its fourth-quarter net income more than doubled. The financial services company reported fourth-quarter and full-year 2013 results after markets closed Thursday night.

Diluted earnings per share (EPS) for the quarter came to $1.21 on revenues net of interest expense of $8.5 billion. In the same period last year the company reported EPS of $0.56 on revenues of $8.1 billion. The consensus estimate called for EPS of $1.25 on revenues of $8.58 billion. The year-ago quarter included significant restructuring charge.

For the full year, the company reported adjusted EPS of $4.88 on revenues of $33.0 billion. A year ago the company reported EPS of $3.89 on $31.6 billion in revenue.

Consolidated provisions for losses in the quarter totaled $528 million, which was 17% less than a year ago.

Net income from the U.S. card services segment more than doubled to $864 million, and international card services net income grew 8% to $103 million. Net income also rose in the global commercial services segment (+64%) and the global network and merchant services segment (+13%).

The company’s CEO said:

We ended the year on a strong note, with Card Member spending up 8 percent despite mixed reports during the holiday shopping season. Credit quality indicators are at historically strong levels and, while many consumers are still cautious about taking on additional debt, we again saw a modest increase in Card Member loans this quarter. … Controlling operating expenses remains a top priority, and the restructuring we began a year ago allowed us to more than meet the goal we set for 2013.

American Express did not offer any guidance. For the current year, consensus estimates call for EPS of $5.43 on revenue of $34.74 billion. The consensus first-quarter estimates call for EPS of $1.29 on revenues of $8.34 billion.

After closing at $8.78 Thursday, shares fell fractionally in after-hours trading, but rose fractionally in the premarket Friday. The 52-week range is $58.70 to $91.08. Thomson/Reuters has a consensus price target of around $90.24 on the company’s shares.

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