American Express Co (NYSE:AXP) is trading higher Tuesday after the company announced better-than-expected fourth-quarter financial results.
American Express reported quarterly earnings of $2.18 per share, which beat the estimate of $1.87 per share. The company reported quarterly revenue of $12.14 billion, which beat the estimate of $11.5 billion.
American Express expects 2022 revenue growth to be in the range of 18% to 20% and 2022 earnings to be in the range of $9.25 to $9.65 per share, driven by the company's new growth plan.
Longer-term, American Express said it's targeting revenue growth in excess of 10% and earnings growth in the mid-teens.
"As we look ahead, we are raising our aspiration to generate sustainable revenue and earnings growth over the long term with a new growth plan that will enable us to continue investing at high levels in our customers, brand, and talent. Our performance to date and the lessons we have learned have strengthened our conviction in this strategy," said Stephen Squeri, chairman and CEO of American Express.
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AXP Price Action: American Express has traded as low as $112.09 and as high as $189.03 over a 52-week period.
The stock was up 6.75% at $169.65 at time of publication.
Photo: courtesy of American Express.
