American Express Company Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2017
For the full year, the company announced total revenues net of interest expense of $32,119 million compared to $32,818 million for the same period a year ago. Net income was $5,408 million compared to $5,163 million for the same period a year ago. Earnings per common share, diluted were $5.65 compared to $5.05 for the same period a year ago. Return on average equity was 26.0% compared to 24.0% for the same period a year ago. Excluding restructuring charges related to cost reduction efforts, adjusted diluted earnings per share was $5.93. Adjusted total revenues net of interest expense was $30,926 million compared to $29,761 million for the same period a year ago.
The company provided earnings guidance for the full year of fiscal 2017. The company expects EPS for 2017 to be between $5.60 and $5.80. It expects the tax rate for 2017 to be more in line with its third quarter year-to-date average of 33% to 34%.