American Express (AXP) released its earnings for the third quarter of 2021 before the market opened Friday. The details are below.
- Net Revenue: $ 10.928 billion
- EPS: $2.27 per share
- Net Income: $1.8 billion
Our strong third quarter results once again reflect accelerating momentum in our core business and outstanding credit performance, enabled by the strategic decisions we’ve made over the last several years. Revenues jumped 25% from a year ago and Card Member spending accelerated from the previous quarter, reaching record highs for the third quarter. The growth was powered by consumer and small business spending on goods and services, which grew 19% over Q3 2019 on an FX-adjusted basis. We also saw a continued rebound in travel and entertainment spending, with restaurant spending notably resilient, growing above pre-pandemic levels in the quarter.said Stephen J. Squeri, Chairman and Chief Executive Officer
The analysts expected the year-over-year earnings to grow. The Zacks analysts estimated the credit card issuer and global payments company to post quarterly earnings of $1.77 per share. Revenues were expected to be $10.55 billion, up 20.5% from the year-ago quarter.
In the previous quarter, American Express (AXP) had smashed the estimates. The expected estimate for the June quarter was $1.64, but they delivered an EPS of $2.8.
Last year, in the third quarter, the reported EPS was $1.3, and the revenue also grew this year.
A few weeks ago the company declared a quarterly dividend of $0.43 per common share, payable on November 10, 2021, to shareholders of record on October 8, 2021.