LOS ANGELES (AP) — American Express says its net income more than doubled in the fourth quarter, as its cardholders boosted spending and borrowing during the holiday season.
The New York-based company's 2012 quarter included $594 million in restructuring charges and other one-time costs.
American Express said Thursday that its net income grew to $1.3 billion, or $1.21 per share, in the three months ended Dec. 31. That compares with net income of $630 million, or 56 cents per share, in the same period a year earlier.
Excluding the impact of one-time items, American Express earned $1.25 per share, matching expectations of analysts polled by FactSet.
Revenue in the latest quarter rose 5 percent, to $8.6 billion from $8.14 billion, in line with analysts' expectations.