US corporate results round-up

American Express growth levels off

Credit card company American Express said yesterday its second-quarter profit rose marginally as card-member spending growth moderated.

The company earned $1.34bn, slightly up on the $1.33bn earnings it reported a year ago.

Total revenue, net of interest expense, was $7.96bn, up five per cent.

Spending on its cards grew at a slower pace as overall US consumer confidence fell due to a weak economic recovery.

US Bancorp reports earnings jump

US BANCORP yesterday reported a higher-than-expected quarterly net income of $1.41bn, up 15 per cent on a year ago, as total loans grew and the fifth-largest US commercial bank set aside less money to cover soured loans.

Mortgage banking revenue more than doubled to $490m from a year earlier.

The firm said fees income had grown and that it had made progress on strengthening its balance sheet.

Greenhill’s advisory revenues slump

GREENHILL last night posted a second-quarter profit that missed analysts’ estimates as its advisory revenue nearly halved.

The firm earned $2.2m compared with $21.5m last year.

Shares of the company fell three per cent in after-hours trade.

The investment bank said revenues fell seven per cent to $130m, which it blamed partly on a global slump in mergers and acquisitions activity.

Honeywell beats Wall Street forecasts

HONEYWELL International posted an 11.7 per cent rise in quarterly profit yesterday, topping Wall Street forecasts, as strong US demand for building-control systems and specialty chemicals offset weakness in Europe.

The firm earned $905m in the quarter, in spite of weaker-than-expected revenues, and it raised the low end of its forecasts for the year.