Airlines taxi to profits
9 October 2006Most U.S. airlines are expected to post handsome profits when they report third-quarter earnings this month, marking a long-awaited pullout from five years of painful restructuring and $40 billion in losses since 2000. The turnaround is the result of widespread layoffs and ruthless cost-cutting, not to mention half a dozen major bankruptcies. But U.S. carriers have also been the surprise beneficiaries of soaring overseas demand for modern jets, which has allowed troubled carriers to shed unneeded airplanes and tackle one of the industry’s chronic problems: too many seats.
source: US News
