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American Express Sees Q1 Profit Below View - Quick Facts

American Express Co. (AXP) said it now expects its first-quarter adjusted earnings per share to be in the range of $1.90 - $2.10, excluding reserve builds, and quarterly revenue growth of 2 percent to 4 percent on an FX-adjusted basis. Analysts polled by Thomson Reuters expect the company to report earnings of $2.17 per share for the first-quarter. Analysts' estimates typically exclude special items.

In an update on the impact of COVID-19 on its financial performance, the company said its performance in January and February of this year largely showed strong momentum consistent with 2019. But, the company observed softness in spending volumes in the last few days of February. The softness has accelerated into March and spread more globally.

The company said it is not able to forecast its future financial results beyond the first quarter at this time citing ongoing uncertainty surrounding the duration, magnitude and geographic reach of COVID-19.

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