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American Express swings to profit in Q4'18

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American Express swings to profit in Q4'18

American Express Co. reported 2018 fourth-quarter net income of $2.01 billion, or $2.32 per share, compared to a net loss of $1.21 billion, or $1.42 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the latest quarter was $1.80.

Fourth-quarter 2018 consolidated total revenues net of interest expense came in at $10.5 billion, up 8% from $9.7 billion a year ago.

For the full year, the company reported net income of $6.92 billion, or $7.91 per share, compared with net income of $2.75 billion, or $2.99 per share, earned in the previous year.

The S&P Global Market Intelligence consensus normalized EPS estimate for the most recent year was $7.39.

American Express added 12 million new cards during the year and the total spending by its card members rose at an FX-adjusted rate of 8%.

American Express's Global Consumer Services Group grossed the biggest share of income for the company, reporting 2018 fourth-quarter net income of $702 million, up 13% from $624 million a year ago.

Looking ahead, American Express expects its full-year revenue growth for 2019 to be between 8% and 10% and earnings per share to be between $7.85 and $8.35.