Overall, 2013 was the global airline industry’s best year since 2010. There was modest economic growth. Passenger traffic grew strongly. Fuel prices were relatively stable. And cost discipline prevailed. But that’s oversimplifying. In reality, much of the overall success came from just North America, where four airlines—American (including US Airways), United, Delta and Southwest—accounted for 43% of the entire worldwide industry’s net profits during the first nine months of the year (among airlines that report quarterly results—i.e., most of them). The story was different elsewhere.
