2022 Profit Sharing

[WeAAsles]

It’s expected AA will announce the 1st quarter results on April 20.

https://www.nasdaq.com/articles/bull-of-the-day:-american-airlines-aal

 

[Kev3188]

Good day for it.

 

[WeAAsles]

2.7%

 

[CremaDiLimone]

massive disappointment. no real benefit to getting the 'delta formula' in our contract.

money pooled with tens of thousands of co-workers -who didn't have any so-called delta formula; most likely envoy too. terrible. likely better off with higher pay, in lieu of profit sharing.

soured. was all for the delta formula. not now.

 

[WeAAsles]

massive disappointment. no real benefit to getting the 'delta formula' in our contract.

money pooled with tens of thousands of co-workers -who didn't have any so-called delta formula; most likely envoy too. terrible. likely better off with higher pay, in lieu of profit sharing.

soured. was all for the delta formula. not now.

Sorry my friend. That’s why I was pretty sure your forecast was being highly optimistic. Privately I was thinking 3% just for the reason you stated.

And don’t forget right now all the other groups (Pilots, FA, PSA, Management) only got 1.3%

When the other groups capture the formula we have our percentage will drop even more.

 

[WeAAsles]

massive disappointment. no real benefit to getting the 'delta formula' in our contract.

money pooled with tens of thousands of co-workers -who didn't have any so-called delta formula; most likely envoy too. terrible. likely better off with higher pay, in lieu of profit sharing.

soured. was all for the delta formula. not now.

I also always said and still do that we would have made a better deal if we had taken that 7% wage deal instead.

 

[CremaDiLimone]

Sorry my friend. That’s why I was pretty sure your forecast was being highly optimistic. Privately I was thinking 3% just for the reason you stated.

And don’t forget right now all the other groups (Pilots, FA, PSA, Management) only got 1.3%

When the other groups capture the formula we have our percentage will drop even more.

if you knew that all monies would be pooled and that assoc. members would get double the percentage of everyone else (10% delta formula vs. 5% aa traditional for everyone else), you should have said so immediately.

yeah, it was all conjecture because i believe the assoc. wasn't clear at all how the formula would work.

my incorrect assumption was that 30,000 assoc. members would get $211 million and the 70,000 everyone else would get $105 million that the company would come up with from their current $14.4 BILLION in liquidity - that's just sitting around.

so....will assoc. members get 10% of aa's pre-tax profits from april 1 2022 until march 31 2023? absolutely not. simply, we are getting double of the nothing that everyone else is getting: 2.7% as opposed to a paltry 1.3%.

huge disappointment.

also, our money won't shrink if everyone else gets this fool's gold formula, the company will just have to double the nothing that they distribute to them.

 

[CremaDiLimone]

I also always said and still do that we would have made a better deal if we had taken that 7% wage deal instead.

in retrospect, you're absolutely correct.

 

[WeAAsles]

if you knew that all monies would be pooled and that assoc. members would get double the percentage of everyone else (10% delta formula vs. 5% aa traditional for everyone else), you should have said so immediately.

yeah, it was all conjecture because i believe the assoc. wasn't clear at all how the formula would work.

my incorrect assumption was that 30,000 assoc. members would get $211 million and the 70,000 everyone else would get $105 million that the company would come up with from their current $14.4 BILLION in liquidity - that's just sitting around.

so....will assoc. members get 10% of aa's pre-tax profits from april 1 2022 until march 31 2023? absolutely not. simply, we are getting double of the nothing that everyone else is getting: 2.7% as opposed to a paltry 1.3%.

huge disappointment.

also, our money won't shrink if everyone else gets this fool's gold formula, the company will just have to double the nothing that they distribute to them.

I had no clue how the pool worked honestly but I was pretty sure they didn’t make separate pools giving away the majority of profits they made.

 

[CremaDiLimone]

nah...company ended up making $2.11 billion in pre-tax profits for the profit sharing year.

- $211 million to 30,000
- $105 million for everyone else..70,000.

total of $316 million out of $2.11 billion. this is what i thought. dummy me.

remember, company does not pay a dividend and company currently has $14.4 billion in liquidity. there's cash laying around.

all in all, delta formula for aa is a flop. company has too many employees. company's margins are brutal and company will likely not approach 2016ish profits in the near and medium future.

thanks to joe biden, jet fuel costs nearly equaled labor costs for the quarter. you want profit sharing? buy exxon mobil, bp and shell stock.

 

[WeAAsles]

nah...company ended up making $2.11 billion in pre-tax profits for the profit sharing year.

- $211 million to 30,000
- $105 million for everyone else..70,000.

total of $316 million out of $2.11 billion. this is what i thought. dummy me.

remember, company does not pay a dividend and company currently has $14.4 billion in liquidity. there's cash laying around.

all in all, delta formula for aa is a flop. company has too many employees. company's margins are brutal and company will likely not approach 2016ish profits in the near and medium future.

thanks to joe biden, jet fuel costs nearly equaled labor costs for the quarter. you want profit sharing? buy exxon mobil, bp and shell stock.

Delta employees can have their better Profit Sharing. Small consolation IMO for always being at risk in their employment or job hours.

I think we might get some bigger payouts in the future but they’re never going to be 10% plus windfalls. I can see 5% here and there in our futures however.

 

[eolesen]

Your false sense of job security is really worth 5-10% less money? Interesting.

 

[WeAAsles]

Your false sense of job security is really worth 5-10% less money? Interesting.

You see here E, you like to snipe also. So don’t go pretending you’re all Mr Innocent 😇 and it’s me kicking your shins.

Yes. It is worth less money. I also firmly believe over the course of my career I’ve made more money than my Delta Counterpart that hired on the same day as me.

My guess is he first spent 6 plus years as a Ready Reserve and then maybe another 6 years as a non benefitted PTer? He may even be paying more for his medical benefits with deductibles and max out of pocket costs?

I know in 2020 alone with his hours reduced he lost around $17,000 compared to me.

Also no I don’t have a false sense of security. I trust my Union and the process that I won’t have a Manager railroad me out of a job. Been there, done that with FedEx and their BS “Guaranteed Fair Treatment” PFFT.

FYI E, a few extra bucks ain’t worth crap if you’re always wondering if your Company might drop you like a hot potato. I don’t have those wracking nerves.

BTW off topic but I’m also happy with AA cause I doubt I would have made it to Florida as early as I did if ever. Sorry but I’ve been to Atlanta. Yuck 🤢 Yuck 🤢 Yuck 🤮 No thanks.

 

[WeAAsles]

Your false sense of job security is really worth 5-10% less money? Interesting.

We also make less in Profit Sharing because AA shares their kiddy with far more people than Delta. So even if AA makes the exact same profits as Delta I’m still going to get a lot less.

Cest La Vie.

 

[CorvetteMan]

Your false sense of job security is really worth 5-10% less money? Interesting.

Delta ground employees lost 10 hours per week if they were full time during Covid.

Didn’t happen at AA, WN or UA.

hmm wonder why?

Oh yes they are unionized and DL isn’t.