The first-quarter results from American Airlines demonstrate how the carrier has lowered its costs. "We don't yet have all of the savings ground into our numbers from the restructuring. You'll see more coming on line throughout the year," American CEO Tom Horton said.
Southwest Airlines said first-quarter profits fell from $93 million last year to $34 million in the first quarter of 2008. The airline attributed the decline in profits to higher fuel costs and the weaker economy. It said it will scale back plans to grow this year.
The Air Force is close to naming the builder of a new search-and-rescue helicopter. A team comprised of Bell Helicopter Textron, Lockheed Martin and AgustaWestland is competing for the contract. Sikorsky Aircraft is also bidding for the contract, as is a team led by Boeing.