AmEx posts higher 4Q profit, revenue

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Associated Press

Posted on January 16, 2014 at 5:00 PM

Updated Thursday, Jan 16 at 5:02 PM

LOS ANGELES (AP) — American Express says its net income more than doubled in the fourth quarter, as its cardholders boosted spending and borrowing during the holiday season.

The New York-based company's 2012 quarter included $594 million in restructuring charges and other one-time costs.

American Express said Thursday that its net income grew to $1.3 billion, or $1.21 per share, in the three months ended Dec. 31. That compares with net income of $630 million, or 56 cents per share, in the same period a year earlier.

Excluding the impact of one-time items, American Express earned $1.25 per share, matching expectations of analysts polled by FactSet.

Revenue in the latest quarter rose 5 percent, to $8.6 billion from $8.14 billion, in line with analysts' expectations.

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