2024-04-24 03:56:34 ET
Summary
- American Express reported strong Q1 results with revenue growth of 11% and EPS growth of 39%.
- Management reiterated confidence in achieving 2024 guidance of revenue growth between 9-11% and EPS growth of 13-17%.
- The standout items in the quarter were International Card Services growth, loan growth, and Millennial & Gen-Z spending growth.
Recap
American Express ( AXP ) reported strong earnings on Friday, with revenue of $15.8B growing 11% year-on-year and EPS of $3.33 growing a substantial 39%. The stock jumped over 6% as investors were satisfied that management's 2024 guidance was on-track, and consumer credit remains healthy. The reassuring consistency and stability of AXP, stood in contrast to the bloodshed Friday in names such as NVIDIA (NASDAQ: NVDA ), and Super Micro Computer (NASDAQ: SMCI ). The confidence surge in AXP reinforces my belief it is a must own name in a portfolio. I reiterate my recommendation to BUY....
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American Express: Reassuring Consistency And Stability