Investing.com -- American Express Company reported fourth-quarter earnings that surpassed analyst expectations, but shares slipped 1.1% following the announcement.
The financial services giant posted adjusted earnings per share of $3.04 for the quarter, beating the consensus estimate of $3.02. Revenue for the period came in at $17.2 billion, up 9% YoY or 10% on an FX-adjusted basis, driven by strong card member spending, higher net interest income, and accelerated card fee growth.
For the full year 2024, American Express (NYSE:AXP) delivered record revenues of $65.9 billion, up 9% YoY or 10% on an FX-adjusted basis. Net income rose 21% to $10.1 billion, with earnings per share increasing 25% to $14.01.
"2024 was another strong year for American Express. We delivered record revenues of $65.9 billion, up 10 percent on an FX-adjusted basis, record net income of $10.1 billion, and earnings per share of $14.01, up 25 percent year-over-year," said Stephen J. Squeri, Chairman and Chief Executive Officer.
Looking ahead, the company provided guidance for fiscal year 2025, projecting revenue growth between 8% to 10% and earnings per share in the range of $15.00 to $15.50. Additionally, American Express plans to increase its quarterly dividend by 17% to $0.82 per common share.