AA 2018 revenue 44.6B
DL 2018 revenue 44.4B
Hardly time to panic, mostly MAX and mechanic problem for 2019.
Long term problem is AA/USAir is still a marriage not a merger, they are top heavy and have redundant managers everywhere, where are all the cooperate layoffs from merger synergies? They found a home for everyone and since 2015 can just afford and avoid worrying bout who's redundant.
Jeff Smisek slashed 2B in United/Cal annual overhead before Oscar inherited it and poached Scot.
No point in AA trying to stretch itself thin deploying an exciting vision and route plan, until it can move the current fleet from A to B as efficiently as possible, the merger thus far is basically only pilots and FA's, lots and lots other payroll efficiencies to go after.
Doug locked in a known cost, fuel was expected to go up since 2014, as well as interest rates. Not his fault max can't fly and Delta looks like a visionary keeping gas gusling 80's flying.
But, Soutwest was smart to settle with mechanics when it became apparent they needed to increase fleet utilization due to max grounding.
Seems like AA thinks they'll collect from mechanics slowdown, but if it's after Doug is cast aside and shareholders loose confidence, that that collection becomes moot.