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Kenneth I. Chenault

American Express profit falls 13 percent, but tops forecasts

Credit card company American Express said Wednesday that its first quarter profit fell 13 percent from a year earlier, as the company continues to deal with the aftermath of losing its partnership with warehouse chain Costco.

The New York-based company said it earned $1.24 billion in the quarter, down from $1.43 billion in the same period a year earlier. American Express earned $1.34 a share compared with $1.45 a share a year ago. That beat analysts' forecasts of $1.28 per share, according to FactSet.

The drop in profits from a year earlier mostly has to do with the fact that American Express still had the Costco co-branded credit card in 2016. That partnership ended in...