American Express Reports Higher Third-Quarter Earnings Across the Board

American Express Reports Higher Third-Quarter Earnings Across the Board

American Express (NYSE: AXP) has spent the past two years working through a turnaround strategy after ending its relationship with Costco Wholesale Corporation (NASDAQ: COST), which had accounted for 10% of American Express cards in circulation. From the looks of the credit card company's third-quarter earnings, reported on Wednesday, it has made considerable progress in this regard.

American Express earned $1.4 billion in the three months ended September 30, up 19% from the third quarter of last year. On a per-share basis, that equated to $1.50, up 25% on a year-over-year basis. Analysts expected American Express to earn $1.47 per share.

"We are completing a two-year turnaround ahead of plan with strong revenue and earnings growth across all of our business segments," said Kenneth Chenault, chairman and chief executive officer. "We've added products and benefits, shown continued strength in acquiring new customers, and expanded our merchant network."

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Source: Fool.com