American Express Earnings Rise

Monday, October 23rd 2000, 12:00 am
By: News On 6

NEW YORK (AP) — Third-quarter profits at American Express Co. rose 14 percent, helped by solid performances in segments across the board.

For the three months ended Sept. 30, the financial services giant earned $737 million, or 54 cents per share, up from $648 million, or 47 cents per share in the year-ago period.

The results reported Monday matched expectations of analysts surveyed by First Call/Thomson Financial. Its shares rose 6.3 cents to $56.06 in trading on the New York Stock Exchange.

Total revenue rose to $5.56 billion from $4.92 billion in the year-ago period.

American Express' Travel Related Services division earned $507 million, up 14 percent from $446 million in the year-ago period, helped by higher billed business and strong growth in cardmember loans. Net income at its Financial Advisors arm rose 12 percent in the quarter.

For the first nine months, American Express earned $2.13 billion, or $1.57 per share, on $16.37 billion in revenue. In the year-ago period, it earned $1.87 billion, or $1.36 per share, on revenue of $14.26 billion.


On the Net: