American Express Shares Fall Nearly 2% After Results

American Express Co shares fell nearly 2% in after-hours trade Wednesday, after the company beat third-quarter earnings expectations but modestly missed on sales. American Express said it had net income of $1.477 billion, or $1.40 a share, in the quarter, up from $1.366 billion, or $1.25 a share, in the year-earlier period and topping the FactSet consensus of $1.37 a share. Sales rose to $8.33 billion from $8.3 billion, below the FactSet consensus of $8.352 billion. American Express U.S. card services net income was up 14% to $889 million, from $782 million a year ago. International Card Services reported third-quarter net income of $142 million, unchanged from a year ago. Card Member spending was up 9% in the third-quarter. Shares have fallen 11% year-to-date through Wednesday, while the S&P 500 has gained 0.8%. (This replaces an earlier item that had an incorrect net income figure for the year-earlier period.)