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%.

The post American Express CEO Rebukes Criticism of Company’s Quarterly Results appeared first on theprimarymarket.com.

AmEx reported revenue of $14.3 billion, which represents a 22% year-over-year increase and beats Wall Street estimates of $14.03 billion. But the company’s profit took a significant hit, seeing a 13% slide in Q1 and coming to $1.8 billion. The diluted earnings per share of $2.40 ended up missing the $2.65 mark expected by Wall Street.

“So the $2.40 is a good number — the $2.40 beat our plan,” Squeri told Yahoo Finance. “… So there really isn’t anything in the quarter for us that went really unexpected other than the mark to market, but that was offset by a one-time tax gain.”

The company expects a profit between $11 to $11.40 per share in 2023, which is in line with the $11.10 estimated by analysts.

After American Express earnings became public, the company’s stock dropped by 3% compared to Wednesday’s close price of $164.95 per share. AmEx shares have jumped more than 12% in 2023.

The post AmEx CEO Pleased With Company’s Q1 Results Despite Failing to Meet Expectations appeared first on theprimarymarket.com.

This assessment comes after American Express announced its fourth-quarter results. Net sales for the company were $14.2 billion, falling marginally short of expectations of $14.21 billion in sales. AmEx shares rose 5% following the announcement.

Sales for the company’s U.S. consumer services and commercial segments proved strong, rising 23% and 15% respectively. With full-year sales growth of 15% to 17%, the company’s earnings are expected to be in the region of $11 to $11.40; thus exceeding analysts’ estimates of $10.52.

When questioned about the company’s sales for the fourth quarter, Squeri stated that a weakness in small business spending was detected, thereby leading to results narrowly missing estimates.

Bank of America CEO Brian Moynihan echoed Squeri’s assessment of the likelihood of an incoming recession, despite BoA remaining in the “mild” recession category. “They’re spending nicely. The money in their accounts continues to be solid,” Moynihan said of his company’s clients’ spending patterns.

The post AmEx CEO Insists That Recessionary Signals Not Present appeared first on theprimarymarket.com.

American Express recently shared a positive second-quarter report that shows the company recording a 31% increase in sale numbers compared to 2021 while also beating the Wall Street estimates with room to spare. This included $13.4 billion in net sales compared to $12.51 billion expected and $2.57 diluted earnings per share vs. $2.39 estimated.

Speaking with Yahoo Finance, Squeri said that these numbers are making it hard for him to recognize that a recession is coming.

“We’re acquiring spending, and we see future travel bookings [strong] so I don’t see it in my numbers at all,” Squeri said. ” … It’s really hard for me to get my head around that in quarter three or quarter four we’re going to have a big slowdown.”

After the company disclosed its Q2 numbers, the Amex stock jumped 6% on Friday morning after closing at $150.21 per share on Thursday. However, the surge proved to be short-lived as the shares dropped to $153.01 by the end of the day.

The post American Express CEO on Recession: “I Don’t See It In My Numbers At All” appeared first on theprimarymarket.com.

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%.

The post American Express CEO Rebukes Criticism of Company’s Quarterly Results appeared first on theprimarymarket.com.

AmEx reported revenue of $14.3 billion, which represents a 22% year-over-year increase and beats Wall Street estimates of $14.03 billion. But the company’s profit took a significant hit, seeing a 13% slide in Q1 and coming to $1.8 billion. The diluted earnings per share of $2.40 ended up missing the $2.65 mark expected by Wall Street.

“So the $2.40 is a good number — the $2.40 beat our plan,” Squeri told Yahoo Finance. “… So there really isn’t anything in the quarter for us that went really unexpected other than the mark to market, but that was offset by a one-time tax gain.”

The company expects a profit between $11 to $11.40 per share in 2023, which is in line with the $11.10 estimated by analysts.

After American Express earnings became public, the company’s stock dropped by 3% compared to Wednesday’s close price of $164.95 per share. AmEx shares have jumped more than 12% in 2023.

The post AmEx CEO Pleased With Company’s Q1 Results Despite Failing to Meet Expectations appeared first on theprimarymarket.com.

This assessment comes after American Express announced its fourth-quarter results. Net sales for the company were $14.2 billion, falling marginally short of expectations of $14.21 billion in sales. AmEx shares rose 5% following the announcement.

Sales for the company’s U.S. consumer services and commercial segments proved strong, rising 23% and 15% respectively. With full-year sales growth of 15% to 17%, the company’s earnings are expected to be in the region of $11 to $11.40; thus exceeding analysts’ estimates of $10.52.

When questioned about the company’s sales for the fourth quarter, Squeri stated that a weakness in small business spending was detected, thereby leading to results narrowly missing estimates.

Bank of America CEO Brian Moynihan echoed Squeri’s assessment of the likelihood of an incoming recession, despite BoA remaining in the “mild” recession category. “They’re spending nicely. The money in their accounts continues to be solid,” Moynihan said of his company’s clients’ spending patterns.

The post AmEx CEO Insists That Recessionary Signals Not Present appeared first on theprimarymarket.com.

American Express recently shared a positive second-quarter report that shows the company recording a 31% increase in sale numbers compared to 2021 while also beating the Wall Street estimates with room to spare. This included $13.4 billion in net sales compared to $12.51 billion expected and $2.57 diluted earnings per share vs. $2.39 estimated.

Speaking with Yahoo Finance, Squeri said that these numbers are making it hard for him to recognize that a recession is coming.

“We’re acquiring spending, and we see future travel bookings [strong] so I don’t see it in my numbers at all,” Squeri said. ” … It’s really hard for me to get my head around that in quarter three or quarter four we’re going to have a big slowdown.”

After the company disclosed its Q2 numbers, the Amex stock jumped 6% on Friday morning after closing at $150.21 per share on Thursday. However, the surge proved to be short-lived as the shares dropped to $153.01 by the end of the day.

The post American Express CEO on Recession: “I Don’t See It In My Numbers At All” appeared first on theprimarymarket.com.