When American Express Co. (NYSE: AXP) released its first-quarter financial results before the markets opened on Thursday, the company posted $2.01 in earnings per share (EPS) and $10.36 billion in revenue. The consensus estimates had called for $1.98 in EPS and $10.49 billion in revenue, and the same period of last year reportedly had $1.86 in EPS and $9.72 billion in revenue.

First-quarter consolidated total revenues net of interest expense increased 7% year over year. Excluding the impact of foreign exchange rates, adjusted revenues net of interest expense grew 9%. The increases were broad-based and reflected higher card member spending, loan volumes and fee income.

Consolidated provisions for losses were $809 million, up 4% from $775 million a year ago. The increase reflected continued growth in the loan and receivable portfolios and higher net lending write-offs, partially offset by a smaller reserve build compared to a year ago.

In terms of its segments Amex reported:

• Global Consumer Services Group reported first-quarter net income of $821 million, down 1% from $826 million a year ago.
• Global Commercial Services reported first-quarter net income of $586 million, up 7% from $546 million a year ago.
• Global Merchant and Network Services reported first-quarter net income of $631 million, up 22% from $516 million a year ago.
• Corporate and Other reported first-quarter net loss of $489 million, compared with a net loss of $254 million a year ago

Stephen J. Squeri, board chair and chief executive, commented:

During the quarter, we signed an extension of our partnership with Delta Air Lines that will take us to 2030. Delta is our largest cobrand partnership, and it’s one of the most valuable portfolios in the industry. Spending on our Delta cobrand products has grown by double digits annually for the past several years, and together we’ve acquired more than 1 million new accounts in each of the past two years. The partnership contributes significant revenue and earnings to both companies and, from a customer and shareholder perspective, we feel great about the opportunity it represents.

Shares of American Express were last seen up over 1% at $113.72, in a 52-week range of $89.05 to $114.55. The consensus price target is $119.05.

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