American Express Co

AXP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$339.00	Qmkl	Vxtrwxr

American Express Earnings: Interest Income Drives Continued Rapid Earnings Growth

Michael Miller

Apr 19, 2024

Wide-moat American Express reported strong first-quarter earnings as it benefited from impressive net interest income growth and well-controlled expenses. Net revenue increased 11% from last year to $15.8 billion, while earnings per share increased 39% to $3.33. These results translate to a return on average equity of 33.4%. As we incorporate these results, we do not plan to materially alter our $190 fair value estimate.

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