AmEx Q1 revenue record $14.3B (+22% YoY); EPS $2.40 (-12% YoY) as credit costs rise; reaffirms FY guidance

AMERICAN EXPRESS CO

2023-Q1 EPS reported $2.40 revenue$8,846,000,000

Revenue $14.3B record, up 22% YoY; card member spending up 16% FX-adjusted, T&E up 39%.
Diluted EPS $2.40 (down 12% YoY); net income $1.8B (down 13%); provisions for credit losses $1.055B vs $33M benefit prior year.
Dividend declared $0.60 per share, up 15% from $0.52.
Reaffirmed FY2023 guidance: revenue growth 15-17%, EPS $11.00-$11.40.
U.S. Consumer Services pretax income $1.1B (down 26% YoY); International Card Services pretax $189M (down 23%).

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMERICAN EXPRESS CO reported first-quarter ended March 31, 2023 results: revenue $14,281, net income $1,816, EPS $2.40. Guidance reaffirmed.

Period: first-quarter ended March 31, 2023
Revenue: $14,281
Net income: $1,816
EPS: $2.40
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total Network Volumes (Billions) $398.9 $350.3 14% Total Revenues Net of Interest Expense $14,281 $11,735 22% Total Provisions for Credit Losses $1,055 $(33) # Net Income $1,816 $2,099 (13)% Diluted Earnings Per Common Share 1 $2.40 $2.73 (12)% Average Diluted Common Shares Outstanding 744 758 (2)%

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Source: SEC EDGAR

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