RTTNews | Jan 25, 2022 07:29AM EST

07:28 Tuesday, January 25, 2022 (RTTNews.com) - American Express Company (AXP) said the company is increasing its aspiration to generate sustainable revenue and earnings growth over the long term with a new growth plan. Based on new growth plan and the benefits from an improving macro environment, the company projects elevated levels of revenue growth in 2022 in the range of 18 to 20 percent and earnings per share of $9.25 to $9.65. Analysts polled by Thomson Reuters expect the company to report profit per share of $9.67. Analysts' estimates typically exclude special items.

Longer term, the company targets to achieve revenue growth in excess of 10 percent and EPS growth in the mid-teens.

The company also plans to increase the regular quarterly dividend on its common shares outstanding by approximately 20 percent, from 43 cents to 52 cents per share beginning with the first quarter 2022.

Fourth-quarter net income was $1.7 billion, or $2.18 per share, compared to net income of $1.4 billion, or $1.76 per share, a year ago. Analysts on average had expected the company to earn $1.87 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Fourth-quarter consolidated total revenues net of interest expense were $12.1 billion, up 30 percent from $9.4 billion a year ago. The company said the increase primarily reflected growth in Card Member spending compared to the prior year. Analysts on average had estimated $11.5 billion in revenue.

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