American Express Posts Record Q1 Earnings (AXP)

By Staff,

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Credit card issuer American Express Company ( AXP ) late Wednesday said its first quarter profit jumped 33% from last year, beating analyst estimates.

The New York-based company reported first quarter net income of $1.18 billion, or 97 cents per share, compared with $885 million, or 73 cents per share, in the year-ago period.

On average, Wall Street analysts expected a smaller profit of 92 cents per share.

Revenue rose 7% from last year to $7.03 billion.

CEO Kenneth I. Chenault commented, "Record earnings this quarter reflect credit quality and billed business trends that are among the best we've seen. After several years of decline, our lending portfolio leveled off and total revenues grew at the healthiest pace since before the recession."

American Express shares fell 55 cents, or -1.2%, in premarket trading Thursday.

The Bottom Line
Shares of American Express ( AXP ) have a 1.53% dividend yield, based on last night's closing stock price of $47.00. The stock has technical support in the $42-$44 price area. If the shares can firm up, we see overhead resistance around the $48-$50 price levels.

American Express Company ( AXP ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: AXP

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