American Express (AXP) says its net income fell 47 percent in the fourth quarter, as the credit card issuer racked up hefty charges related to restructuring costs and other one-time expenses.
The New York-based company said Thursday that it posted net income of $637 million, or 56 cents per share, for the three months ended Dec. 31. That compares with net income of $1.2 billion, or $1.01 per share, in the same period last year.
Excluding roughly $594 million in after-tax charges, American Express' earnings amounted to $1.09 per share.
Analysts polled by FactSet were expecting adjusted earnings of $1.06 per share.
Revenue for the quarter grew 5 percent to $8.14 billion, in line with analysts' forecast.
Management said spending by cardholders rose 8 percent during the quarter.