Issue Summary

First quarter earnings season is now underway, with Delta as usual ringing the opening bell. The esteemed airline from Atlanta again delivered strong profits, aided some by lower fuel prices but most importantly by near-picture-perfect demand conditions, especially in the intercontinental arena. Even more importantly, Delta’s many years of investment in premium services are paying off handsomely. Yes, non-fuel costs are escalating at a less-than-comfortable pace. But thanks to revenue strength—even corporate revenues are now reviving—Delta is managing inflation better than most.