American Express Company yesterday reported that first-quarter net earnings rose to $575 million (€542.3 million) from $460 million in the same period last year. Earnings per share of $1.26 beat Wall Street expectations by one cent and compared with 98 cents in the first three months of 1998.
Excluding exceptionals in the comparable 1998 quarter, net income in first-quarter 1999 rose 11 per cent from $575 million and earnings per share were up 14 per cent from $1.11. Sales in the first three months of the year gained 11.8 per cent to $4.5 billion (€4.24 billion).
American Express attributed its first-quarter results to strong revenue gains in the travel services unit and at American Express Financial Advisors.
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