American Express -4% on Q2 Earnings: CEO Raises Annual Profit And Marketing Spend Outlook After Q2 Profit Beat
American Express -4% on Q2 Earnings: CEO Raises Annual Profit And Marketing Spend Outlook After Q2 Profit Beat
$American Express (AXP.US)$ second-quarter revenue (net of interest expense) grew 8% year-on-year to $16.33 billion, slightly missing the analyst consensus estimate of $16.59 billion. The firm also said consumer spending on its cards declined, and it would have to spend more on marketing efforts in the future.
$美国运通 (AXP.US)$第二季度营业收入（扣除利息支出后）同比增长8％，达到163.3亿美元，略低于分析师共识的165.9亿美元。该公司还表示，消费者在其信用卡上的支出有所下降，并且未来还需增加在营销方面的开支。
Amex's stock price went up after the report, but it soon gave up the gains in the premarket session on Friday. The increase was primarily due to higher net interest income, increased Card Member spending, and continued strong card fee growth. Adjusted EPS of $3.49 beat the analyst consensus estimate of $3.26.
美交所的股价在报告后上涨，但很快在周五的盘前交易中放弃了涨幅。增长主要由较高的净利息收入、增加的会员卡消费以及持续的强劲卡费增长推动。每股收益为3.49美元，高于分析师一致预期的3.26美元。
Card Member spending or Billed Business grew 5% or 6% forex adjusted) year-over-year to $388.2 billion.
会员卡消费或业务增长5％或6％外汇调整，同比增长至3882亿美元。
U.S. Consumer Services revenue was $7.73 billion, up 12% year over year. Commercial Services revenue was $3.95 billion, up 6% year over year.
美国消费服务业营收为77.3亿美元，同比增长12%。商业服务营收为39.5亿美元，同比增长6%。
International Card Services revenue was $2.82 billion, up 9% Y/Y, and Global Merchant and Network Services revenue was $1.87 billion, up 1% Y/Y.
国际卡服务营收为28.2亿美元，同比增长9%；全球商家和网络服务营收为18.7亿美元，同比增长1%。
Total expenses increased by 1% Y/Y to $11.3 billion, primarily reflecting higher customer engagement costs due to higher Card Member spending, increased usage of travel-related benefits, and higher marketing investments.
总费用同比增长1％至113亿美元，主要反映出由于会员卡消费增加、旅行相关福利的使用增加以及营销投资增加等原因而导致的更高客户参与成本。
Provision for credit losses stood at $1.3 billion, compared with $1.2 billion a year ago, reflecting higher net write-offs.
为信贷损失拨备为13亿美元，而去年同期为12亿美元，反映出净核销增加。
Chair and CEO Stephen J. Squeri said, "We continued to drive momentum across the business, including stable growth in billings at 6 percent, strong new card acquisitions of 3.3 million, double-digit growth in card fee revenues for the 24th consecutive quarter, and excellent credit performance, which remained best in class."
董事长兼首席执行官Stephen J. Squeri表示：“我们在整个业务中持续推动发展势头，包括6%稳定增长的账单、330万张强劲的新卡获取、连续24个季度的卡费收入双位数增长以及优异的信贷表现，保持行业最佳水平。”
FY24 Outlook: Amex reiterated revenue growth of 9% – 11% or $65.96 billion – $67.17 billion (versus consensus of $66.41 billion). It has raised its EPS outlook to $13.30 – $13.80 from $12.65 – $13.15 prior, versus the consensus of $12.96.
FY24展望：Amex重申2019年营收增长为9%-11%，即659.6亿美元-671.7亿美元（而分析师预期为664.1亿美元）。它将EPS前景展望提高到13.30美元-13.80美元，而此前为12.65美元-13.15美元，而分析师预期为12.96美元。
"Based on the strong performance of our core business, we believe we can increase our marketing investments by around 15 percent over last year without using any of the transaction gain, while still delivering exceptional earnings results this year, "CEO Squeri added.
“基于我们核心业务的强劲表现，我们相信我们可以在不使用任何交易收益的情况下将我们的营销投资增加约15%，同时仍实现今年杰出的盈利业绩。”首席执行官Squeri补充道。