American Express Trades Higher On Q3 Earnings Beat

American Express AXP reported third-quarter earnings of $2.08 per share, which beat the analyst consensus estimate of $2.03 by 2.46%. This is a 10.64% increase over earnings of $1.88 per share from the same period last year.

The company reported quarterly sales of $11 billion, which beat the analyst consensus estimate of $10.95 billion by 0.46%. This is a 8.44% increase over sales of $10.144 billion the same period last year.

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"Our results continued the steady performance we've been delivering for several years now, marking the 9th straight quarter of FX-adjusted revenue growth of at least 8%," said Steve Squeri, CEO of American Express. "I'm pleased with the breadth and consistency of our revenue growth, driven by a well-balanced mix of card member spending, loans and membership revenues from our fee-based products, which grew 19% and exceeded $1 billion this quarter for the first time.”

American Express shares were trading up 1.3% at $120.75 in Friday’s pre-market session. The stock has a 52-week high of $129.34 and a 52-week low of $89.05.