American Express Beats Q3 EPS Estimates

American Express Company (NYSE: AXP) reported 3Q3 2014 results on Wednesday.

Net income for the third quarter was $1.5 billion, up 8 percent from $1.4 billion a year ago. Diluted earnings per share was $1.40, above the average analyst expectation of $1.36, and up 12 percent from $1.25 a year ago.

Chairman and CEO Kenneth I. Chenault commented that "over the last couple of years we have delivered solid earnings through a combination of disciplined expense control, a strong balance sheet and targeted investments in growth initiatives. While the economy is stronger, it is not growing as fast or as steadily as most people would like, and those same levers will continue to be an important part of our strategy."

Consolidated expenses totaled $5.6 billion, down 5 percent from $5.9 billion last year. The decrease primarily reflected expenses related to business travel operations in the prior year.

Consolidated total revenues net of interest expense was $8.329 billion, which was near the average estimate of $8.35 billion and in line with a year ago.

American Express Company traded lower afterhours at $80.48, down 0.56 percent.