The press release and conference call were based on an 8K filling this morning. The 10Q has not yet been filed. This is a little unusual but they have 40 days following the close of the quarter. The numbers and color commentary can still be revised.

With that said.

Record quarter. Best ever in the industry. Profit sharing expense $563M about the same as all of 2013. No aircraft orders imminent but Q4 may have increased costs related to aircraft acquisitions. The over all tone was frustration with wall street over stock price stagnation. Equity stakes reported as costs with no realization of revenue related to ownership yet, meaning only upside on future earnings related to equity stakes. VA had a great quarter masked by fuel hedge loss.