HomeIndustriesAmerican Express CEO Rebukes Criticism of Company's Quarterly Results

American Express CEO Rebukes Criticism of Company’s Quarterly Results

American Express CEO Stephen Squeri defended his company’s financial performance despite the credit card giant’s first-quarter earnings falling short of analysts’ expectations. AmEx shares fell by 1.5% during premarket trading.

The company’s earnings per share (EPS) for Q1 were $2.40; a 12% year-on-year decline that fell short of analysts’ $2.65 estimate. Squeri maintained that while AmEx may have not met Wall Street’s expectations, the company did well to reach its own targets.

“So the $2.40 is a good number — the $2.40 beat our plan,” Squeri claimed. He also expressed his belief that AmEx will perform well in the spring and summer despite economic uncertainty, stating, “The economy is definitely bifurcated, and I think at the lower end of the economy you are seeing some stress but we just don’t have that.”

AmEx’s first quarter sales hit $14.3 billion; a 22% year-over-year increase. Its U.S. consumer services segment grew 25% while its commercial business rose 15%. International sales increased by 22%.

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