American Express tops Street 3Q forecasts

Earnings Associated Press

Credit cards of American Express are photographed in this illustration picture in this March 17, 2016, file photo. REUTERS/Kai Pfaffenbach/Illustration/Files GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH 'BUSINESS WEEK AHEAD APRIL 18' FOR ALL IMAGES -... RTX2AE8X

NEW YORK (AP) - American Express Co. (AXP) on Wednesday reported third-quarter earnings of $1.36 billion.

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On a per-share basis, the New York-based company said it had profit of $1.50.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.47 per share.

The credit card issuer and global payments company posted revenue of $8.44 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $8.32 billion.

American Express expects full-year earnings to be $5.80 to $5.90 per share.

American Express shares have climbed 24 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 14 percent. In the final minutes of trading on Wednesday, shares hit $92.08, a rise of 53 percent in the last 12 months.

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