(RTTNews) – American Express Company (AXP) said the company is increasing its aspiration to generate sustainable long-term revenue and profit growth with a new growth plan. Based on a new growth plan and the benefits of an improving macroeconomic environment, the company expects strong levels of revenue growth in 2022 in the range of 18-20% and earnings per share of 9. $25 to $9.65. Analysts polled by Thomson Reuters expect the company to report earnings per share of $9.67. Analyst estimates generally exclude special items.
Longer term, the company aims to achieve double-digit revenue growth and EPS growth in the mid-teens.
The company also plans to increase the regular quarterly dividend on its outstanding common stock by approximately 20%, from 43 cents to 52 cents per share beginning in the first quarter of 2022.
Fourth quarter net income was $1.7 billion, or $2.18 per share, compared to net income of $1.4 billion, or $1.76 per share, there is a year. Analysts on average had expected the company to earn $1.87 per share, according to figures compiled by Thomson Reuters. Analyst estimates generally exclude special items.
Total consolidated fourth-quarter revenue net of interest expense was $12.1 billion, up 30% from $9.4 billion a year earlier. The company said the increase primarily reflected growth in cardholder spending from a year earlier. Analysts had estimated an average of $11.5 billion in revenue.
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