American Express Co

AXP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$339.00	Xfpf	Rkbbxbnj

American Express Earnings: Net Interest Income and Card Fees Drive Double-Digit Net Income Growth

Michael Miller

Jul 19, 2024

Wide-moat-rated American Express reported strong second-quarter earnings as it benefited from strong net interest income growth and the sale of Accertify. Net revenue increased 8% from last year and 3.4% from last quarter to $16.3 billion. Earnings per share increased 44% to $4.15, or 21% to $3.49 when excluding the gain on sale from Accertify. As we incorporate these results, we do not expect to materially alter our $197 fair value estimate. We see the shares as modestly overvalued.

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