American Express Q2 EPS $4.15 (adj. $3.49), raises FY guidance to $13.30-$13.80

AMERICAN EXPRESS CO

2024-Q2 EPS reported $7.48 revenue$19,157,000,000

Q2 revenue record $16.3B (+8% YoY); net income $3.015B (+39%); GAAP EPS $4.15, adjusted EPS $3.49 (excl. $0.66 Accertify gain).
FY 2024 EPS guidance raised to $13.30-$13.80 from $12.65-$13.15; revenue growth outlook reaffirmed at 9%-11%.
Card fee revenue up 15% YoY to $2.06B; new card acquisitions 3.3M; billed business $388.2B (+5% YoY).
Provisions for credit losses $1.268B (+6% YoY) driven by higher net write-offs partly offset by lower reserve build.
Marketing spend expected ~15% higher YoY; company fully retained Accertify gain, boosting reported EPS.

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