Cardmember spending drives American Express second quarter profits soaring 39%
NEW YORK (AP) — American Express said second quarter profits jumped 39% as the credit card company benefitted again from a broad increase in cardmember spending as well as more of its customers carrying a balance.
Profit reached 3.02 billion, compared to $2.17 billion in the same period a year ago. On a per-share basis, AmEx earned a profit of $4.15 a share.
Excluding one-time gains, AmEx earned $3.49 a share, handedly beating analyst’s forecasts of $3.24 a share, according to FactSet.
AmEx also raised its full-year profit forecast to a range of $13.30 to $13.80 a share, up from $12.65 to $13.15 a share that it previously had forecasted.