American Express Posts 14 Percent Profit Gain -- WORLDTRADEMARKETS.COM

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Subject: American Express Posts 14 Percent Profit Gain

Author:
AMEX_MAN

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Date Posted: 15:50:41 10/25/04 Mon

American Express Posts 14 Percent Profit Gain

American Express Posts 14 Percent Profit Gain By Syndication
October 25, 2004 5:03PM

American Express' reported revenue was $7.2 billion, up 12 percent from $6.4 billion in the third quarter of 2003. Shares were up 16 cents at $51.89 in afternoon trading on the New York Stock Exchange. Profits in the company's travel-related services division totaled $726 million, up 20 percent from a year ago. See Complete Story

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A D V E R T I S E M E N T
American Express Latest News about American Express Co., the consumer finance and travel company, said Monday that its profit rose 14 percent in the third quarter to $879 million (�687.15 million), or 69 cents (54 euro cents) a share. That was in line with analysts' estimates.

The results for the New York-based company compared with net income of $770 million, or 59 cents a share, in the July-September period a year earlier.

Revenue was $7.2 billion (�5.63 billion), up 12 percent from $6.4 billion in the third quarter of 2003.

Its shares were up 16 cents at $51.89 afternoon trading on the New York Stock Exchange.

Chairman and chief executive Kenneth I. Chenault said in a statement accompanying the report that the company continued to generate "broad-based growth in card member spending in the retail, everyday spending, travel and entertainment sectors."

Profits in the company's travel-related services division totaled $726 million (�567.54 million) in the quarter, up 20 percent from a year ago. Profits also rose at the American Express Bank, which earnbed $32 million (�25 million) in the third quarter, up 18 percent from a year ago.

Although revenue was up 12 percent in the American Express Financial Advisors division, its profit of $186 million (�145.4 million) in the July-September period was off 6 percent from $197 million a year earlier.

Net income for the first nine months of the year was $2.55 billion (�1.99 billion), or $1.98 a share, up from $2.22 billion, or $1.71 a share in 2003.

Revenue for the first nine months was $21.4 billion (�16.73 billion), up 14 percent from $18.8 billion in 2003.

� 2004 Associated Press
� 2004 NewsFactor Network.
http://business.newsfactor.com/story.xhtml?story_title=American-Express-Posts----Percent-Profit-Gain&story_id=27869&category=business

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