AmEx posts higher 1Q profit as spending picks up

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Associated Press

Posted on April 16, 2014 at 2:01 PM

Updated Wednesday, Apr 16 at 2:02 PM

NEW YORK (AP) — American Express says its net income climbed 12 percent in the first quarter, helped by higher spending by its cardholders even as cold winter weather gripped much of the country.

The New York-based company said Wednesday that its net income rose to $1.43 billion, or $1.33 per share, in the three months ending March 31. That compares with net income of $1.28 billion, or $1.15 per share, in the same period of 2013.

Revenue rose 4 percent to $8.2 billion from $7.88 billion the year before.

According to FactSet, analysts on average expected earnings of $1.30 per share on $8.35 billion in revenue in the latest quarter.

AmEx's stock is down 60 cents to $86.80 in after-hours trading following the release of the earnings report.

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