Good evening everyone. This week’s issue of PlaneBusiness Banter is now posted.
We’re almost done with 3Q earnings reports. This week we take an in-depth look at the recent earnings reported by two regional holding companies — Republic and Skywest.
We also have earnings summaries for WestJet and Air Canada. We’ll finish up the 3Q earnings parade in our next issue when we take a longer look at the results that both Canadian carriers posted.
In other news, the finalized tentative agreement between United Airlines and its two pilot groups hit the streets this week — and it is a monster. 500 pages long. I do believe this is a new record page length for tentative agreements.
We have not spent that much time with the TA, but at first blush it looks like a rather rich contract. Translation: This thing needs to pass.
On the other side of the universe, meanwhile, the negotiators at the Allied Pilots Association and American Airlines have come to terms on what is called an “Agreement in Principle.” The APA Board will meet Friday to vote on whether to send the proposal out as a TA to the rank and file.
But the biggest news this week concerns New York. Tuesday US Airways presented its argument as to why a merger with it is the best alternative to the AMR Unsecured Creditors Committee. Wednesday, American had its turn to convince the UCC why its “stand-alone” plan is the best alternative.
I find it extremely telling that the UCC would push forward with this — with no pilot contract in hand. It says to me we may hear something sooner than later from the UCC in regard to which proposal it favors.
You know where my money is on all this.
We have other earnings that we discuss this week including those from Emirates, LATAM, and Ryanair.
We also take a look at the sad state of affairs at SAS. The airline has given employees until Sunday to agree to draconian cuts in pay and pension benefits. Otherwise, a credit line that has been promised to the airline will not be forthcoming.
All this, DOT results from September (Delta kicked some ass, American fell apart and United managed to pick up a little ground) and much, much more in this week’s issue of PlaneBusiness Banter.