US airlines post record profits in first quarter amid lower fuel prices

New York

THERE was an unmistakable shift in tone in the airline industry last week as America's top carriers all reported record earnings because of lower fuel prices and strong demand for domestic air travel.

The airlines kept their planes full as they reaped the benefits of their years-long drive to consolidate the industry into fewer, bigger carriers. The financial performance was particularly striking because the first quarter is traditionally the weakest of the year.