Growth Tailwinds More Than Offset Competitive Pressures in American Express' 1Q
Wide-moat American Express reported year-over-year revenue growth of 12% in the first quarter of 2018, as growth in spending and borrowing benefited both sides of the company’s business. Billed business grew by 10%, with international volumes (both consumer and small business) growing at healthy double-digit rates (16% and 20%, respectively). Loan balances grew by 16% during the year as well. Management now expects annual earnings to come in at the high end of its $6.90-$7.30 guidance. Our forec...American Express is a payments company. The company is engaged in providing credit and charge cards to consumers, small businesses, mid-sized companies and corporations. The company's reportable operating segments are: Global Consumer Services Group, which provides services to consumers, including travel and lifestyle services; Global Commercial Services, which provides payment and expense management services, as weel as commercial financing products; and Global Merchant and Network Services, which operates a global payments network that processes and settles card transactions, acquires merchants and provides multi-channel marketing programs and capabilities, and services and data analytics.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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