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NEW YORK–(BUSINESS WIRE)–

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Revenues Acceleration 9%, Apprenticed by Advance in Agenda Member Spending, Loans, and Fee Income

Company Raises Full-Year 2018 EPS Guidance

American Express Aggregation (AXP) today appear third-quarter net assets of $1.7 billion, up 22 percent from $1.4 billion a year ago. Diluted antithesis per allotment was $1.88, up 25 percent from $1.51 per allotment a year ago.

(Millions, except percentages and per allotment amounts)

Abode EndedSeptember 30,

PercentageInc/(Dec)

 

Nine Months EndedSeptember 30,

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PercentageInc/(Dec)

 

Net Assets Attributable to Accepted Shareholders1

Third-quarter circumscribed absolute revenues net of absorption bulk were a almanac $10.1 billion, up 9 percent from $9.3 billion a year ago. Excluding the appulse of adopted barter rates, adapted revenues net of absorption bulk grew 10 percent.2 The admission reflected college spending by consumer, baby business, and accumulated Agenda Members, as able-bodied as college accommodation volumes and fee income.

Consolidated accoutrement for losses were $817 million, up 6 percent from $770 actor a year ago. The admission reflected advance in the accommodation portfolio and a college lending write-off rate, chastened by abiding crime rates.

Consolidated costs were $7.2 billion, up 8 percent from $6.7 billion a year ago. The acceleration primarily reflected college rewards and added chump assurance costs. Operating costs beneath 1 percent from the year-ago period, which included accuse accompanying to the company’s U.S. Loyalty Coalition and Prepaid businesses.3

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The circumscribed able tax bulk was 22 percent, bottomward from 26 percent a year ago. For circumscribed after-effects and all segments, the accepted division reflected the abridgement in the U.S. federal approved tax bulk as a aftereffect of the 2017 Tax Cuts and Jobs Act (the “Tax Act”). The aggregation continues to assay the Tax Act conditional allegation recorded in the fourth division of 2017 forth with abeyant accepting of assertive anonymous tax allowances and added detached tax items. Assertive contest that appulse the timing and amounts of these tax affairs access not yet occurred or are out of the company’s ascendancy and accordingly are afar from the company’s full-year 2018 adapted EPS angle referenced beneath and a adaptation to 2018 EPS angle on a GAAP abject is unavailable.4

“We delivered able after-effects this division apprenticed by college Agenda Member spending, fee assets and loans,” said Stephen J. Squeri, administrator and arch controlling officer. “Our advance reflects the four cardinal imperatives that we’re focused on:

“Revenues rose 9 percent (10 percent FX-adjusted2), absorption absolute acceptable achievement above our businesses, chump segments and geographies. Agenda Member spending was up 8 percent (10 percent FX-adjusted). Acclaim indicators remained strong. Operating costs were able-bodied controlled.

“We connected to aggrandize our merchant network, acquired 3.0 actor new cards and adequate our relationships with absolute customers.

“This marks our sixth after division of able adapted acquirement advance and our investments in new benefits, casework and agenda capabilities connected to accomplish drive as we admission the closing allotment of 2018.

“Given that momentum, we now apprehend full-year 2018 revenues to be up 9 to 10 percent and adapted EPS to be $7.30 to $7.40, up from the $6.90 to $7.30 ambit we set at the alpha of the year.”4

Global Chump Casework Group appear third-quarter net assets of $779 million, up 15 percent from $680 actor a year ago.

Total revenues net of absorption bulk were $5.4 billion, up 11 percent from $4.9 billion a year ago. The acceleration primarily reflected college loans, Agenda Member spending, and fee income.

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Provisions for losses totaled $609 million, up 7 percent from $568 actor a year ago. The acceleration primarily reflected advance in the accommodation portfolio and an admission in the lending write-off rate, chastened by abiding crime rates.

Total costs were $3.8 billion, up 13 percent from $3.4 billion a year ago. The acceleration primarily reflected college rewards and added chump assurance costs.

The able tax bulk was 20 percent, bottomward from 26 percent a year ago.

Global Bartering Casework appear third-quarter net assets of $606 million, up 20 percent from $505 actor a year ago.

Total revenues net of absorption bulk were $3.2 billion, up 9 percent from $2.9 billion a year ago. The admission primarily reflected college Agenda Member spending.

Provisions for losses totaled $201 million, up 3 percent from $195 actor a year ago.

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Total costs were $2.2 billion, up 10 percent from $2.0 billion a year ago. The acceleration primarily reflected college rewards and added chump assurance costs.

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The able tax bulk was 22 percent, bottomward from 31 percent a year ago.

Global Merchant and Arrangement Casework appear third-quarter net assets of $580 million, up 38 percent from $420 actor a year ago.

Total revenues net of absorption bulk were $1.6 billion, up 2 percent from $1.5 billion a year ago. The admission primarily reflected college Agenda Member spending, partially account by a abatement in the boilerplate abatement rate, and lower revenues from arrangement partners.

Total costs were $807 million, bottomward 17 percent from $977 actor a year ago. The year-ago division included the previously-mentioned U.S. Loyalty Coalition and Prepaid charges.

The able tax bulk was 24 percent, bottomward from 25 percent a year ago.

Corporate and Added appear third-quarter net accident of $311 actor compared with net accident of $246 actor a year ago.

About American Express

American Express is a globally chip payments company, accouterment barter with admission to products, insights and adventures that adorn lives and body business success. Learn added at americanexpress.com and affix with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

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Key links to products, casework and accumulated albatross information: allegation and acclaim cards, business acclaim cards, biking services, allowance cards, prepaid cards, merchant services, Accertify, InAuth, accumulated card, business travel, and accumulated responsibility.

This antithesis absolution should be apprehend in affiliation with the company’s statistical tables for the third-quarter 2018, accessible on the American Express website at http://ir.americanexpress.com and in a Form 8-K filed today with the Securities and Barter Commission.

An broker appointment alarm will be captivated at 5:00 p.m. (ET) today to altercate third-quarter antithesis results. Live audio and presentation slides for the broker appointment alarm will be accessible to the accepted accessible on the above-mentioned American Express Broker Relations website. A epitomize of the appointment alarm will be accessible after today at the aforementioned website address.

The third division antithesis columnist release, slides, and statistical tables, as able-bodied as added actor assurance abstracts are additionally accessible on the American Express website at http://ir.americanexpress.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This absolution includes advanced statements aural the acceptation of the Private Securities Action Reform Act of 1995, which are accountable to risks and uncertainties. The advanced statements, which abode the Company’s accepted business and banking achievement and which accommodate management’s angle for 2018, amid added matters, accommodate words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely” and agnate expressions. Readers are cautioned not to abode disproportionate assurance on these advanced statements, which allege alone as of the date on which they are made. The Aggregation undertakes no obligation to amend or adapt any advanced statements. Factors that could account absolute after-effects to adapt materially from these advanced statements, include, but are not bound to, the following:

A added description of these uncertainties and added risks can be begin in the Company’s Annual Report on Form 10-K for the year concluded December 31, 2017, the Company’s Quarterly Letters on Form 10-Q for the abode concluded March 31 and June 30, 2018 and the Company’s added letters filed with the Securities and Barter Commission.

____________________________

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View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20181018005834/en/

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