by Luzi Ann Santos | moomoo News
$American Express (AXP.US)$ shares rose more than 7% after the credit card company issued a better-than-expected outlook for earnings for 2024.
The company expects its 2024 earnings to reach $12.65 to $13.15 per share. Analysts surveyed by Capital IQ expect EPS of $12.32, MT Newswires reported. AMEX, as the credit card issuer is known, also forecast revenue growth of 9% to 11%, according to its press release Friday. The company also said it plans to increase quarterly dividend by 17% to 70 cents per common share.
AMEX's card member loans that were more than 30 days overdue were about 1.3% in the fourth quarter, while net write-off rates were at 2%, both below pre-pandemic levels, the company said in its presentation slides.
