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- American Express (NYSE:AXP) stock gains 1.6% in premarket trading after the credit card company's Q3 results gives it confidence that 2022 EPS will come within the high end of its guidance range.
- "The strategic investments we’ve made over the past year, particularly those to attract new Millennial and Gen Z customers and expand our leadership position with small businesses, are helping fuel the strong momentum we’re seeing in spending, customer acquisition, engagement, and retention," said Chairman and CEO Stephen Squeri.
- The company expects 2022 EPS to come in at the high end of its $8.90-$9.50 range; consensus is $9.43.
- Cards-in-force rose to 119.2M in Q3 from 115.0M in Q2; card member loans of $77.0B rose from $75.6B in Q2.
- Q3 EPS of $2.27 tops the $1.75 consensus estimate and climbed from $1.30 in the year-ag quarter.
- Q3 provision for credit loss benefit of $191M, including credit reserve releases of $393M, compares with a cost of $665M a year ago.
- Q3 net interest income of $1.99B increased from $1.82B in Q2 and $1.87B in the year-ago quarter.
- Total non-interest revenue of $8.93B rose from $8.43B in Q2 and $6.88B in Q3 2020.
- Total revenue net of interest expense was $10.9B, exceeding the $10.6B consensus, vs. $8.75B in the year-ago quarter.
- Q3 total expenses of $8.67B increased from $7.91B in Q2 and $6.72B in Q3 2020.
- Conference call at 8:30 AM ET.
- Earlier, American Express EPS beats by $0.50, beats on revenue