American Express First-Quarter Profit Up 15%

American Express said Thursday that its first-quarter profit rose 15%, benefiting from higher fee revenue from asset management and mutual fund sales.

For the first three months of the year, net income rose to $454 million, or 94 cents a share, from $396 million, or 80 cents, a year ago.

The results exceeded analysts’ expectations of 92 cents per share. American Express shares rose $1.875 on the New York Stock Exchange to close at $63.125.

Revenue rose 6.5% to $4.16 billion from $3.91 billion.

Travel Related Services, the biggest unit of American Express, reported a 10% rise in net income, to $315 million from $286 million a year ago.

At a Glance:

Unocal Corp.’s first-quarter earnings rose a better-than-expected 58% on higher oil and natural gas prices and production, primarily in Southeast Asia, where the company is investing heavily. Earnings before gains and charges were $190 million, or 76 cents a share, compared with $120 million, or 45 cents, in the year-earlier quarter. Unocal was expected to earn 68 cents.

Delta Air Lines Inc. and Southwest Airlines Co. reported strong profits despite higher jet fuel costs, becoming the latest major airlines to post solid results. Delta racked up net income of $189 million, or $2.52 a share, for its fiscal third quarter, contrasted with a net loss of $276 million, or $5.77 a share, a year earlier. Southwest said its first-quarter net income climbed 54% to $50.9 million, or 34 cents a share, from $33 million, or 22 cents a share.

Procter & Gamble Co. said its fiscal third-quarter profit rose 16% to $881 million, or $1.26 a share, up from $760 million, or $1.07 a share, a year ago.

MCI Communications Corp. reported flat first-quarter profit of $295 million, or 42 cents a share, the same as last year.

Mattel Inc.’s first-quarter earnings before a charge fell 74% on lower sales of Fisher-Price toys and the rising dollar. The world’s largest toy maker reported profit of $5.4 million, or 1 cent a share, compared with net income of $20.5 million, or 7 cents, in the year-earlier period. The results include Tyco Toys Inc., the former No. 3 toy maker that Mattel bought for $755 million in stock in March.

ITT Hartford Group Inc.’s first-quarter earnings, excluding charges, more than doubled to $179 million, or $1.52 a share, from $84 million, or 72 cents, a year earlier.

American International Group reported a 16% increase in first-quarter earnings of $780.9. million, or $1.66 a share, from $671.2 million, or $1.42 a share, in the year-ago period.

AlliedSignal Inc.’s first-quarter earnings rose 15% to $259 million, or 92 cents a share, from $225 million, or 80 cents, a year earlier.

Transamerica Corp. said first-quarter earnings, excluding charges, fell 10% to to $95.8 million, or $1.35 a share, from $106.8 million, or $1.51, a year earlier.

Beneficial Corp. said first-quarter earnings fell 6.6% to $100.7 million, or $1.80 a share, from $107.4 million, or $1.96, a year earlier.

Access Health Inc. reported fiscal second-quarter net income of $5.5 million, or 29 cents per share, compared with $339,000, or 2 cents, in the year-ago quarter.

USX Corp. said combined first-quarter profit of its three publicly traded units--USX-U.S. Steel Group, USX-Marathon and USX-Delhi Group--rose to $253.9 million from $160.4 million a year ago.

Sara Lee Corp. said its fiscal third-quarter earnings rose 9.6% to $206 million, or 41 cents a share, from $188 million, or 37 cents, in the year-earlier period.

Starbucks Corp. said profit doubled in its fiscal second quarter to $9.6 million, or 12 cents a share, from $4.8 million, or 6 cents, before a gain in the year-earlier period.

Ingersoll-Rand Co. said first-quarter earnings rose 4.4% to $77.8 million, or 72 cents a share, from $74.5 million, or 70 cents. The results include a charge of 3 cents a share for the sale of the company’s Clark-Hurth Components Group.

First USA Inc. said fiscal third-quarter earnings fell 72% to $24.1 million, or 17 cents a share, from $85 million, or 63 cents, in the same period last year.

North Face Inc. reported first-quarter net income of $235,000, or 2 cents per share, contrasted with a net loss of $629,000, or 9 cents, a year ago.

Pixar reported first-quarter net income of $5.1 million, or 11 cents per share, compared with $6.3 million, or 13 cents, in the year-ago period.

Cheesecake Factory Inc. reported first-quarter net income of $1.7 million, or 16 cents per share, compared with $1.6 million, or 15 cents, a year ago.

Pitney Bowes Inc. said first-quarter earnings rose 13% to $119.9 million, or 81 cents a share, from $106.5 million, or 70 cents, in the year-earlier period.

Electronic Data Systems Corp.’s first-quarter profit fell 11% to $194.1 million, or 40 cents a share, compared with $218.8 million, or 45 cents, in the year-earlier quarter.

Homestake Mining Co. said a first-quarter loss from operations of $5.5 million, or 4 cents a share, contrasted with a profit from operations of $8.8 million, or 6 cents, in 1996’s first quarter.

MGM Grand Inc. reported first-quarter net income of $30.1 million, or 51 cents per share, compared with $34.5 million, or 44 cents, a year ago.

Dow Chemical Co.’s first-quarter profit fell 5% to $452 million, or $1.90 a share, down from $476 million, or $1.90, in the year-ago quarter. There were fewer shares outstanding this quarter.

Adolph Coors Co. reported a first-quarter profit of $8.05 million, or 21 cents a share, contrasted with a loss of $3 million, or 8 cents, in the year-ago quarter.

CSX Corp.’s first-quarter earnings rose 3% to $151 million, or 70 cents a share, compared with $146 million, or 69 cents a share, a year ago.