American Express (AXP) reported third-quarter earnings of $1.25 billion, or $1.09 a share, on revenue of $7.86 billion, up from a year-ago equivalent profit of $1.24 billion, or $1.03 a share, on revenue of $7.57 billion.
Wall Street's consensus view was calling for the Dow component to deliver earnings of $1.09 a share on revenue of $7.90 billion.
"We generated solid results this quarter against the backdrop of a very uneven global economy," said Ken Chenault, the company's chairman and CEO, in a press release. "Bottom line results were driven by higher revenues and lower expenses, a combination that reflects ongoing efforts to contain operating costs while maintaining a substantial level of investment in our marketing and rewards programs."
AmEx said cardmember spending rose 8% year-over-year in the United States and 6% on a global basis, a performance Chenault called "a healthy pace in the current environment and an improvement from earlier in the quarter" though he noted the growth was still slower than what the company was seeing earlier in 2012.The stock, which is up more than 25% so far in 2012, was last quoted at $59.04, down 33 cents, on extended volume of nearly 340,000, according to Nasdaq.com. Also moving after the bell were Mellanox (MLNX), which tanked more than 20% after the company gave a weak guidance for the fourth quarter; and Stryker (SYK), which fell more than 2% after the medical device maker posted adjusted earnings of 97 cents a share on revenue of $2.05 billion, just missing the consensus view for a profit of 98 cents a share on revenue of $2.07 billion. --Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.
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