American Express Profit Doubles on Advance in Spending
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American Express Co., the biggest credit-card issuer by purchases, said fourth-quarter profit doubled as consumer spending climbed.
Net income was $1.3 billion, or $1.21 a share, compared with $637 million, or 56 cents, a year earlier, when results were hurt by one-time charges including costs tied to job cuts, the New York-based company said yesterday in a statement. Excluding some legal costs, profit was $1.25 a share, matching the average estimate of 25 analysts surveyed by Bloomberg.