American Express Co. AXP continued to benefit from strong spending growth in the latest quarter, though it fell short on profit. The card giant on Thursday morning posted first-quarter net income of $1.8 billion, or $2.40 a share, down from $2.1 billion, or $2.73 a share, in the year-earlier period. The FactSet consensus was for $2.66 a share.
” The company said that credit metrics “remained strong” in the first quarter as it reiterated its full-year outlook for 15% to 17% revenue growth and $11.00 to $11.40 in earnings per share. Amex logged $14.3 billion in total revenues net of interest expense in the first quarter, beating analyst expectations, which were for $14.0 billion. A year prior, Amex notched $11.7 billion in quarterly revenue.
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