American Express Q1 results: Cramer says it was a remarkable quarter

American Express Company (NYSE: AXP) on Friday reported better-than-expected results for its fiscal first quarter. Shares still slid roughly 2.0% this morning.

Key takeaways from AMEX Q1 results

• Net income printed at $2.10 billion versus the year-ago figure of $2.24 billion.
• Per-share earnings stood at $2.73, a marginal decline from last year’s $2.74.
• Revenue net of interest expense was up 29% YoY to $11.74 billion.
• FactSet consensus was for $2.40 of EPS on $11.62 billion in revenue.
• Card member spending increased 35% globally; 121% on travel and entertainment.

Total network volumes grew 30%, hitting an all-time high in March. Other notable figures in the earnings press release include consolidated expenses up 34% and $33 million of provisions for credit losses versus $675 million a year-ago.

Jim Cramer reacts to the AMEX Q1 results

For the full financial year, American Express forecasts its per-share earnings to fall between $9.25 and $9.65 on 18% to 20% increase in revenue. Commenting on the price action on Friday, CNBC’s Jim Cramer said on “Squawk on the Street”:

AMEX is set to host its annual meeting of shareholders on May 3^rd. The stock is up nearly 10% for the year.