American Express 2023 Guidance Ahead of Wall Street View

By Will Feuer

American Express Co. issued 2023 revenue and earnings guidance that project higher than expectations by Wall Street analysts.

The New York City-based credit-card company said it sees earnings of $11.00 a share to $11.40 a share. Analysts surveyed by FactSet were expecting earnings of $10.53 a share.

For 2022, the company posted earnings of $9.85 a share, down 2% from 2021.

Revenue for the current year is expected to rise 15% to 17% from 2022 levels. Last year, the company posted revenue of $52.86 billion, which was up 25% from 2021. Analysts surveyed by FactSet were expecting 2023 revenue of $58.82 billion, which would mark growth of more than 11%.

"Our performance demonstrates that our strategy is working, and our business is in an even stronger position today than before the pandemic," Chief Executive Stephen Squeri said. The company has grown generational relevance and merchant acceptance, among other initiatives, he said.

Shares rose about 2.5%, to $159.81, in the premarket session.

Write to Will Feuer at [e-mail]

(END) Dow Jones Newswires

January 27, 2023 07:26 ET (12:26 GMT)

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