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.
$美國運通 (AXP.US)$第二季度營業收入（扣除利息支出後）同比增長8％，達到163.3億美元，略低於分析師共識的165.9億美元。該公司還表示，消費者在其信用卡上的支出有所下降，並且未來還需增加在營銷方面的開支。
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.
美交所的股價在報告後上漲，但很快在週五的盤前交易中放棄了漲幅。增長主要由較高的淨利息收入、增加的會員卡消費以及持續的強勁卡費增長推動。每股收益爲3.49美元，高於分析師一致預期的3.26美元。
Card Member spending or Billed Business grew 5% or 6% forex adjusted) year-over-year to $388.2 billion.
會員卡消費或業務增長5％或6％外匯調整，同比增長至3882億美元。
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.
美國消費服務業營收爲77.3億美元，同比增長12%。商業服務營收爲39.5億美元，同比增長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.
國際卡服務營收爲28.2億美元，同比增長9%；全球商家和網絡服務營收爲18.7億美元，同比增長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.
總費用同比增長1％至113億美元，主要反映出由於會員卡消費增加、旅行相關福利的使用增加以及營銷投資增加等原因而導致的更高客戶參與成本。
Provision for credit losses stood at $1.3 billion, compared with $1.2 billion a year ago, reflecting higher net write-offs.
爲信貸損失撥備爲13億美元，而去年同期爲12億美元，反映出淨覈銷增加。
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."
董事長兼首席執行官Stephen J. Squeri表示：“我們在整個業務中持續推動發展勢頭，包括6%穩定增長的賬單、330萬張強勁的新卡獲取、連續24個季度的卡費收入雙位數增長以及優異的信貸表現，保持行業最佳水平。”
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年營收增長爲9%-11%，即659.6億美元-671.7億美元（而分析師預期爲664.1億美元）。它將EPS前景展望提高到13.30美元-13.80美元，而此前爲12.65美元-13.15美元，而分析師預期爲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.
“基於我們核心業務的強勁表現，我們相信我們可以在不使用任何交易收益的情況下將我們的營銷投資增加約15%，同時仍實現今年傑出的盈利業績。”首席執行官Squeri補充道。