Amex Doubles Travel Earnings

American Express Co. today reported third-quarter net income of $553 million for its Travel Related Services, more than doubling last year's TRS earnings of $248 million. TRS net revenue increased 5 percent year over year, to $4.67 billion.

TRS, American Express' most prominent area of business, accounted for approximately 80 percent of the company's net revenues for the third quarter ending Sept. 30. TRS includes global corporate services, which encompasses corporate travel and the corporate card.

"The results reflect stronger revenue momentum in the card businesses, which more than offset the impact of weaker equity markets on our financial services business," said chairman and CEO Kenneth Chenault in a statement.