(Telestock) – American Expressthe US payments giant, recorded in second trimester 2024 a Net income of $3.0 billion, or $4.15 per share, compared to net income of $2.2 billion, or $2.89 per share, a year ago. Second-quarter earnings per share include a gain of $0.66 from the sale of Accertify, which closed during the quarter. Excluding the gain from the transaction,Rectified EPS was $3.49, up 21% from a year earlier and above analysts’ estimates of $3.24 per share.
THE total revenue consolidated second-quarter net interest expense was $16.3 billion, up 8% from $15.1 billion a year ago. The increase was primarily driven by higher net interest income, increased cardholder spending and continued strong growth in card fees.
“We got excellent results in the second quarter, with quarterly revenue reaching an all-time high of $16.3 billion, up 8%, or 9% on an FX basis, and significant EPS growth – said the CEO Stephen Squeri – We continued to deliver momentum across the business, including flat revenue growth of 6%, strong new card acquisitions of 3.3 million, double-digit card fee revenue growth for the 24th consecutive quarter, and excellent credit performance, which remained best in class.”
“Based on the strong performance of our core business, we believe we can increase our marketing investments by approximately 15% versus last year without using any transaction gains, while still delivering exceptional earnings results this year,” he added. “Accordingly, we have decided to transfer the entire gain to profits and are increasing our EPS guidance for the full year at $13.30-13.80 from $12.65-13.15 previously. We continue to expect revenue growth in line with the 9% to 11% guidance range we set at the beginning of the year.”
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