Video Title: (Earnings Report American Express Blows Away Estimates And Sees Improving Spending Axp)
Video Duration: 1:37
From: TradeTheTrend
Category: News and Politics
american express nyse:axp reported q1 eps of s0.73, topping consensus estimates of s0.63. revenues in the quarter rose 11 year-over-year to s6.61 billion, and came in ahead of consensus estimates of s6.38 billion. consolidated provisions for losses totaled s943 million, down 48 percent compared to s1.8 billion in the year-ago period. the company's return on average equity roe was 18.0 percent, up from 16.3 percent a year ago. "cardmember spending was up 16 percent, rebounding strongly from the recessionary lows of last year," said kenneth i. chenault, chairman and chief executive officer. "credit metrics also continued the improvement that began in the second half of 2009." chenault went on to say, "the biggest turnarounds in spending came from corporate cardmembers and banks who issue cards on our network. consumer and small business volumes also rose in part because of strength in travel, entertainment and other discretionary categories. throughout the industry - and at american express - we saw further signs that consumers are managing their post-recessionary finances more cautiously. beyond those specific investments, we are carefully containing operating expenses not directly tied to growth initiatives." chenault concluded, "despite the progress we made this quarter, high unemployment levels and the uncertain legislative environment remain challenges to continued growth. however, the global economy seems to be poised for continued improvement and our strong ltbgt...lt bgt
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