2014 DAL

Q1 $444 million
Q2 $1.4
Q3 $1.6
Q4 $1.1
Total $4.5

2015 DAL

Q1 $594 million
Q2 estimate $1.9
Q3 estimate $2.2
Q4 estimate $1.5

2015 total estimate $6.2

American 2015 Q1 $1.4 billion
Q2 estimate $3.3
Q3 estimate $3.8
Q4 estimate $1.9

2015 total estimate $10.4

Delta will easily clear $10 billion in 2016 with no hedging like American this year. Our domestic economy will be much stronger in 2016. More people working and higher wages. Much more leisure and business travel.

2016 profit sharing 40%. No debt 2017 and beyond. Same strong U.S. Economy, same oligopoly. 40% year after year.

What's the rush?

1) management does not want us to see American's Q2 profits.

2) once we see these numbers concessions will be harder to extract

Wind the watch.