American Express CEO: we're not seeing any changes in consumer spending

American Express CEO Stephen Squeri made some remarks Friday after the company posted Q3 results. 

He noted that the company management didn’t notice any changes in consumer spending, adding that American Express had good credit quality. 

Stephen Squeri also addressed fears about slowdown in business dynamics fueled by a possible recession. 

According to him, the company has a plan, if a recession strikes. It’s important to mention that they withstood the challenges during the pandemic as the CEO could take necessary measures in time. 

Here are the third-quarter results of American Express compared to Wall Street expectations:

Net sales: $13.6 billion vs. $13.49 billion (analysts’ estimates)

Earnings per share (EPS): $2.47 vs. $2.40 (analysts’ estimates)

American Express reiterated its full-year sales forecast for 23% to 25% growth. Now it expects a full-year profit to be higher than its prior estimate of $9.25 to $9.65 per share. 

In addition to strong consumers' financial health seen last quarter, Stephen Squeri expects a good holiday season. 

The CEO assumes that the company will see a jump in retail and travel spending through the holiday season.