Hello everyone.

For those of you who are subscribers and print out PBB, I warn you — this one is probably going to be more than 150 pages. Yes, it is a return of the “Killer Earnings Issue.” (Insert screams here.)

This week we’re looking at the recent earnings calls of Delta Air Lines, United Airlines, US Airways, and JetBlue Airways. Only one of the four made a profit. Do you know which one?

The laggard in the bunch was definitely United Airlines. The airline’s 1Q revenues clearly showed the effect of the airline’s SHARES cutover. The problem? The airline still has a number of cutover issues that have yet to be resolved — and these issues directly affect the ability of the airline to capture additional revenue and/or they concern upgrades.

Between all this and the usual problems that any merger comes with — this year is looking more and more like a transitional year for United.

Delta AIr Lines, on the other hand, produced excellent revenue during the quarter, as did US Airways and JetBlue.

As we also note in our comments about US Airways’ results, the airline continues to be a great poster child for our “Just Say No to Fuel Hedging” campaign.

The airline posted a relatively small loss for the quarter — with no fuel hedges in place.

This week, Delta Air Lines announced that yes, it is going to purchase an oil refinery. When you stop snickering, I’ll tell you why I like the move.

Hawaiian Airlines‘ shares had a nice gain last week — the result of better than expected earnings results and strong guidance. Meanwhile. shares of US Airways picked up even more ground last week. For the year, our favorite trading stock (per our comments in January) has picked up more than 103%.

Of course no issue of PBB would be complete now without the latest addition of the AMR Bankruptcy Follies. This week we talk a little about Harvey Miller — the ex-Lorenzo attorney who is AMR’s lead restructuring counsel. We also tell you how much he is charging AMR by the hour. After you recover from that nugget, you can read our take on the airline’s attempt to negate the significance of the airline’s three unions and their signed term sheets with US Airways, and we talk about some of the comments that came out of last week’s court testimony.

Yes, apparently AMR did have another strategy besides the ‘Cornerstone Strategy.” It was the “Limp-Along” or “Kick the Can” strategy.

All of this and more all all of this in this week’s huge issue of PlaneBusiness Banter .