Despite American Airlines (AA) parent AMR Corp. filing for bankruptcy and posting a $2 billion full-year net loss, US major airlines were in the black in 2011 for the second consecutive year. Yes, even including AMR’s massive deficit (which includes $886 million in noncash reorganization charges), the seven largest US airline companies earned $295 million in net income in 2011. Excluding AMR, the remaining six majors earned a healthy $2.27 billion net profit, below their ...

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