American Express shares turn south in premarket after second-quarter results
Shares of American Express Co. AXP, +1.04% swung to a loss of 1.3% in premarket trading Friday, erasing earlier gains, after the credit card and payments company reported a second-quarter profit that beat expectations while affirming its full-year outlook. AmEx also said it expected to raise its dividend by 10%. Net income rose to $1.76 billion, or $2.07 a share, from $1.62 billion, or $1.84 a share, in the year-ago period. The FactSet consensus was for earnings per share of $2.03.
84 billion, just above the FactSet consensus of $10.83 billion, as revenue for consumer services increased 10%, for commercial services grew 7% and for merchant and network services rose 5%. The company affirmed its 2019 outlook for revenue growth of 8% to 10% and for adjusted EPS of $7.85 to $8.35. The company said it expects to raise its quarterly dividend to 43 cents a share from 39 cents in the third quarter. The stock has soared 34.
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