AmEx posts first loss in 26 years on tax charge, suspends buybacks
American Express Co
The company`s shares were down more than 2 percent in extended trading on Thursday.
The net loss attributable to common shareholders was $1.20 billion, or $1.41 per share, in the fourth quarter ended Dec. 31, compared with profit of $825 million, or 88 cents per share, a year earlier.
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Excluding one-time items, AmEx earned $1.58 per share.
The tax-related charge lowered AmEx`s capital ratios and to rebuild that, the company said it would suspend share buybacks for the first half of 2018, but continue paying dividends.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)