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Food truck rip-off? Supplier denies claims he exploited 'campesinos'

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Food truck rip-off? Supplier denies claims he exploited 'campesinos'

Guitars flutter, an accordion wheezes and a singer unwinds the triumphant tale of Fernando Ochoa Jauregui, a Modesto-area builder of food trucks and trailers.

“He still parties just because he feels like it,” the lyrics go. “But what he enjoys the most is partying with a banda at festivals in his town with a beautiful lady by his side.”

In a video accompanying the Spanish-language corrido, images flash of Ochoa beaming in front of shiny cars and atop jet skis. In some, he wears hats with the logo of his company: 8A Food Trucks. It ends with footage of stacks of cash and a money-counting machine.

The narrative ballad, titled “El del 8A” on YouTube, gives the impression that Ochoa is a kingpin at the helm of a burgeoning empire — one who “gives thanks to his father for making him a good kid.”

But unhappy 8A Food Trucks customers across California — from Sacramento to Salinas and San Bernardino — tell their own stories. They describe toiling as cooks, custodians and construction workers, saving for years to get a chance at starting their own business, only to have their dreams dashed. In a rough and tumble industry, largely secluded in poor, immigrant neighborhoods and farming communities, they allege Ochoa stands out for his callousness.

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In lawsuits and interviews, former clients accused Ochoa and his company of not delivering trucks or trailers they ordered and refusing to return their partial or full payments. Others alleged that they received vehicles so poorly built that they couldn’t be used. And some have accused Ochoa of taking back trailers they’d purchased from him.

All told, 15 alleged victims claimed more than $475,000 in losses, according to a Times analysis.

In an interview, Ochoa, 28, disputed several of the allegations and acknowledged some mistakes, chalking them up in part to his inexperience in business, which he said led to delays in completing projects for customers. “I’m trying to deal with this scandal so I can make my business better again — I had a real company,” he said. “I’m not a business expert. I just know how to build trucks.”

Ochoa has become a symbol in Spanish media of the perils that lurk in the mobile food industry. In a 2023 report on him, a Univision news anchor warned those entering the business to exercise extreme caution. The controversy comes at a fraught moment for vendors in Southern California. Several in the L.A. area were robbed by gunmen last summer in brazen attacks that highlight the risks of selling food on Southland streets.

Alejandro Gonzalez was in a dispute over payment for a trailer when an old Toyota Camry pulled up to the drive-through window of Mi Casita Purepecha, his San Bernardino restaurant, on Feb. 1.

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“Are you Alejandro?” the front-seat passenger asked Gonzalez, who was standing at the window.

The restaurateur said he was — and the man pulled out a gun and pointed it at him.

In the confusion of the moment, Gonzalez said, he turned to help customers inside the Mexican restaurant and the Camry sped away. Gonzalez, 44, didn’t recognize the men. But he said he fears that they are connected to Ochoa. Asked about the incident, Ochoa said he did not send armed men to Mi Casita Purepecha.

Gonzalez and his wife, Paulina Quintal, had contacted 8A Food Trucks in early January about building them two trailers so they could start a mobile food business. Ochoa delivered a trailer to their home two weeks later. Gonzalez said that he and his wife paid for it in full, and gave the builder a check for the down payment on a second one.

San Bernardino resident Alejandro Gonzalez said that this mobile food trailer, which he purchased from 8A Food Trucks, was stolen from his driveway in January.

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(Alejandro Gonzalez)

Soon, however, men working for Ochoa appeared at Mi Casita Purepecha to dispute Gonzalez’s ownership of the trailer he’d bought days earlier, he said. Then, after the couple’s check for the second trailer didn’t clear, a third party passed along what Gonzalez said was a threatening voicemail from Ochoa.

On Jan. 21, Gonzalez said he returned from an errand to find his trailer had been stolen from his driveway. Seeking answers, he said he traveled to 8A Food Trucks’ headquarters in Ceres, Calif., but found the site deserted. The next day, Gonzalez said, the men with the gun visited him.

Gonzalez filed reports with the San Bernardino Police Department over the theft and the run-in at his restaurant. Regarding Ochoa, Gonzalez said, “I don’t know how he sleeps.”

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Ochoa denied stealing the trailer from Gonzalez and Quintal’s home — “I would never do that,” he said — and alleged that they had not fully paid for it, saying that the check that bounced was meant to go toward the money they owed on it. Ochoa said he had sent two people to Mi Casita Purepecha to address those matters — and not to intimidate the couple.

“None of my people are armed,” he said. “We are businessmen; we dedicate ourselves to working and building trailers.”

Though the dollar amounts in most of the cases involving Ochoa are not large, for fledgling operators trying to break into the mobile food industry — many of them working-class immigrants — it’s enough to sidetrack their business dreams. And their predicaments highlight the vulnerability of California’s food industry workers, many of whom lack a financial safety net or the time and experience required to navigate the legal system. Some are undocumented and fear speaking to authorities.

“There were nights that we would cry, my husband and I,” said Adriana Nicanor, a San Joaquin resident. She and her husband filed a lawsuit against Ochoa and 8A Food Trucks last year that asserted he never delivered a trailer and claimed he refused to return their $20,000 deposit. They secured a default judgment, court records show, but have been unable to collect on it.

“It’s very frustrating,” Nicanor said. “My brother lent me that money. There were times we would struggle. Who asks for this?”

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For many of Ochoa’s clients, making a down payment on a truck or trailer — both of which typically include kitchens — was an important first step in fulfilling a long-held entrepreneurial ambition. Some said that the alleged losses were especially painful because they came at the hands of one of their own: a Mexican immigrant who lived in the Central Valley and previously worked at an industrial shop before founding 8A Food Trucks in 2019.

He’s taking advantage of “the campesinos — the farmworkers,” said activist Alicia Espinoza, a Moreno Valley resident who has helped organize some of Ochoa’s accusers. “My dad, when he came to this country, he was a strawberry picker. It just hurts me that this guy could take advantage of people like him.”

Ochoa said he has many happy customers and has gone out of his way to help them achieve their aspirations, noting, for example, that he has sometimes accepted payment in installments. “Not many businesses do that,” he said. “You know, we’re not a bank.” As for the Nicanors, Ochoa denied that he failed to meet an agreed-upon deadline for delivery, and said he plans to pay them back.

Mi Casita Purepecha restaurant's drive-through area

Mi Casita Purepecha owner Alejandro Gonzalez said a car pulled up to the restaurant’s drive-through window and a passenger pulled a gun on him Feb. 1.

(Gina Ferazzi / Los Angeles Times)

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Several of those making allegations against Ochoa reside in Stanislaus County, an agricultural hub whose biggest city is Modesto. Wendell Emerson, a deputy district attorney for the county, confirmed that his office is conducting “an active criminal investigation” of Ochoa. He declined to comment further.

After the incident at Mi Casita Purepecha, Gonzalez closed the restaurant and left San Bernardino, relocating his family — he and his wife have three children — to a place they feel safe.

“I don’t know how long it is going to be,” Gonzalez said. “I feel like I lost everything.”

Lawsuits reveal a pattern

Ochoa is an entrepreneur of the internet age.

Food industry workers who’ve done business with the Colima, Mexico, native said that they found him via social media, where his posts depict a professional at the helm of a prosperous company.

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The Instagram account for 8A Food Trucks includes several images of gleaming vehicles, their stainless steel kitchens spotless under bright lights. The “8A” in the company’s name is a play on words: pronounced in Spanish, it sounds like “Ochoa.”

A recently divorced father of two young girls, Ochoa has positioned 8A as a brand beyond the world of food services: There are Instagram pages for a hat company with 8A in the name, and another for a jet-ski rental service. It’s all part of a slick image that Ochoa has cultivated online, where it’s easy to find his self-aggrandizing corridos and photographs of him posing in front of his black Chevrolet Corvette.

“Now they see me living well,” the lyrics of one song go, “driving around in a Corvette, buzzing.”

Ochoa’s flaunting of his success has infuriated customers with whom he’s tussled.

For Norma Estevez and her husband, Sebastian Delgado, entering the mobile food trade was a step toward realizing an important goal: owning a business they could pass onto their three children. But Estevez and Delgado, both Mexican American, believe they lost more money than any of Ochoa’s other alleged victims.

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The Salinas couple contacted Ochoa in 2021 to build a pair of trailers, selecting him, Estevez said, because he was Latino. “He didn’t have many clients,” she said, “and you could tell he has this aspiration to succeed.”

Estevez needed the trailers for a big opportunity: She had signed a contract with a produce company in nearby Watsonville to feed 70 field workers for 10 months beginning in February 2022. The owner had predicated the deal on her securing a trailer and having proper permits.

Ochoa told her that each trailer would cost $41,000, and promised to complete construction by the end of January, according to Estevez, who showed The Times invoices that documented the deal.

She and her husband sent Ochoa $60,000 over the course of several months, and as the deadline approached, they scheduled a day to pick up the trailers from 8A Food Trucks’ shop, Estevez said. But Ochoa canceled on them, she said, explaining that “his mother had arrived from Mexico and that he needed to pick her up from the airport.” They rescheduled, but he again put them off.

By then, Estevez’s contract with the Watsonville company had begun, and she scrambled to honor it. She was forced to buy meals for the workers, spending about $37 per person a day for the next week and a half — an all-in cost of nearly $26,000. Eventually, she rented a kitchen for $800 a week, and did so until the contract concluded, turning only a small profit on the deal.

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And without the trailers, Estevez wasn’t able to renew the contract. “I felt embarrassed … like we had lost a great opportunity,” she said.

Ochoa acknowledged that he didn’t meet the agreed-upon deadline — and that the situation was similar to that of other clients who didn’t receive their vehicles on time. But, he said, others were willing to wait. “Norma’s situation was that if she didn’t get the trailers by a certain date, then she wasn’t going to need them,” he said.

Estevez and Delgado filed a lawsuit against Ochoa for breach of contract and other claims in July 2022. Months later, the parties agreed to a settlement that called for Ochoa to pay Estevez and Delgado about $70,000, including attorney’s fees, according to court documents. Estevez said that Ochoa has only paid $30,000, leaving her deeply disillusioned.

“We were like him, we came to this country to better our lives,” she said. “He knew our dream and ambitions — we told him how hard we worked for it.”

Gonzalez, meanwhile, isn’t the only person who alleged that a trailer purchased from Ochoa was later taken back by him.

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Shelly Lopez and her husband, Jesus Avalos, said they paid Ochoa $37,000, and after nine months of delays — and their appearance in a Univision 19 Sacramento segment to discuss them — the Sacramento couple received a trailer in January 2023.

A man attaches a mobile food trailer to a truck

A man Shelly Lopez identified as Fernando Ochoa Jauregui came to her Sacramento home, she said, in February 2023 to take the trailer that 8A Food Trucks had recently sold her.

(Courtesy of Shelly Lopez)

After just a week, though, Ochoa told Lopez that he needed to take it back to his shop to make some adjustments, she said. A video that Lopez provided to The Times shows a man she identified as Ochoa connecting the trailer to the back of a pickup truck in February 2023.

“I didn’t want to let him take it,” Lopez said. “But my husband said, ‘It’s OK, he’ll make the repairs and bring it back to us.’”

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It was the last time Lopez and Avalos saw the trailer.

“We had so many fights after that,” she said. “It would come up whenever we were driving and saw people running their businesses, selling food. I would blame him for it.”

Ochoa said that Lopez hadn’t paid for the trailer in full, and that she was making payments in installments. He said that he only retrieved the trailer after she told him it needed repairs. After seeing her negative public comments about him, Ochoa said that he decided to void the payment plan, and resolved to return her funds.

Lopez said she has not gotten the money back.

‘He’s been laughing at us’

In recent days, Ochoa has come under attack online by disgruntled customers — and his former mother-in-law.

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Gisela Macias, 48, said that strangers began showing up at her Modesto home over the summer in search of Ochoa. They came, she said, to demand he pay them back for vehicles they’d purchased but never received. The visits were so frequent that she began recording interviews with some of the people to post on TikTok.

Ochoa said that the internet activism and local TV news stories have led to an exodus of clients, which has imperiled his ability to pay back customers like Estevez. He said that he can only make payments in $1,000 increments. “I know it’s not much,” he said, “but I have no business due to everything that’s being said about my company.”

He said he had to close 8A Food Trucks’ headquarters in Ceres because angry clients kept going there to confront him. But his braggadocio is still easy to find on the internet. A 2023 corrido about Ochoa titled “Por 8A Me Conocen” includes the boast that “business is steady and we’re never going to stop.”

“I fought hard and little by little grew the empire that I founded,” the singer trills.

It incenses Estevez. “He’s been laughing at us — the people who had dreams, who worked hard to save money to make those dreams a reality,” she said.

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These days, the equipment that Estevez and her husband bought for their two trailers — ovens, cooking wares and more — is mothballed in their garage. It’s hard for her to enter the space without crying.

“That’s our dream right there, collecting dust,” she said.

Times researcher Scott Wilson and columnist Gustavo Arellano contributed to this report.

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Scott Bessent, Trump’s Billionaire Treasury Pick, Will Shed Assets to Avoid Conflicts

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Scott Bessent, Trump’s Billionaire Treasury Pick, Will Shed Assets to Avoid Conflicts

Scott Bessent, the billionaire hedge fund manager whom President-elect Donald J. Trump picked to be his Treasury secretary, plans to divest from dozens of funds, trusts and investments in preparation to become the nation’s top economic policymaker.

Those plans were released on Saturday along with the publication of an ethics agreement and financial disclosures that Mr. Bessent submitted ahead of his Senate confirmation hearing next Thursday.

The documents show the extent of the wealth of Mr. Bessent, whose assets and investments appear to be worth in excess of $700 million. Mr. Bessent was formerly the top investor for the billionaire liberal philanthropist George Soros and has been a major Republican donor and adviser to Mr. Trump.

If confirmed as Treasury secretary, Mr. Bessent, 62, will steer Mr. Trump’s economic agenda of cutting taxes, rolling back regulations and imposing tariffs as he seeks to renegotiate trade deals. He will also play a central role in the Trump administration’s expected embrace of cryptocurrencies such as Bitcoin.

Although Mr. Trump won the election by appealing to working-class voters who have been dogged by high prices, he has turned to wealthy Wall Street investors such as Mr. Bessent and Howard Lutnick, a billionaire banker whom he tapped to be commerce secretary, to lead his economic team. Linda McMahon, another billionaire, has been picked as education secretary, and Elon Musk, the world’s richest man, is leading an unofficial agency known as the Department of Government Efficiency.

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In a letter to the Treasury Department’s ethics office, Mr. Bessent outlined the steps he would take to “avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of secretary of the Department of Treasury.”

Mr. Bessent said he would shutter Key Square Capital Management, the investment firm that he founded, and resign from his Bessent-Freeman Family Foundation and from Rockefeller University, where he has been chairman of the investment committee.

The financial disclosure form, which provides ranges for the value of his assets, reveals that Mr. Bessent owns as much as $25 million of farmland in North Dakota, which earns an income from soybean and corn production. He also owns a property in the Bahamas that is worth as much as $25 million. Last November, Mr. Bessent put his historic pink mansion in Charleston, S.C., on the market for $22.5 million.

Mr. Bessent is selling several investments that could pose potential conflicts of interest including a Bitcoin exchange-traded fund; an account that trades the renminbi, China’s currency; and his stake in All Seasons, a conservative publisher. He also has a margin loan, or line of credit, with Goldman Sachs of more than $50 million.

As an investor, Mr. Bessent has long wagered on the rising strength of the dollar and has betted against, or “shorted,” the renminbi, according to a person familiar with Mr. Bessent’s strategy who spoke on condition of anonymity to discuss his portfolio. Mr. Bessent gained notoriety in the 1990s by betting against the British pound and earning his firm, Soros Fund Management, $1 billion. He also made a high-profile bet against the Japanese yen.

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Mr. Bessent, who will be overseeing the U.S. Treasury market, holds over $100 million in Treasury bills.

Cabinet officials are required to divest certain holdings and investments to avoid the potential for conflicts of interest. Although this can be an onerous process, it has some potential tax benefits.

The tax code contains a provision that allows securities to be sold and the capital gains tax on such sales deferred if the full proceeds are used to buy Treasury securities and certain money-market funds. The tax continues to be deferred until the securities or money-market funds are sold.

Even while adhering to the ethics guidelines, questions about conflicts of interest can still emerge.

Mr. Trump’s Treasury secretary during his first term, Steven Mnuchin, divested from his Hollywood film production company after joining the administration. However, as he was negotiating a trade deal in 2018 with China — an important market for the U.S. film industry — ethics watchdogs raised questions about whether Mr. Mnuchin had conflicts because he had sold his interest in the company to his wife.

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Mr. Bessent was chosen for the Treasury after an internal tussle among Mr. Trump’s aides over the job. Mr. Lutnick, Mr. Trump’s transition team co-chair and the chief executive of Cantor Fitzgerald, made a late pitch to secure the Treasury secretary role for himself before Mr. Trump picked him to be Commerce secretary.

During that fight, which spilled into view, critics of Mr. Bessent circulated documents disparaging his performance as a hedge fund manager.

Mr. Bessent’s most recent hedge fund, Key Square Capital, launched to much fanfare in 2016, garnering $4.5 billion in investor money, including $2 billion from Mr. Soros, but manages much less now. A fund he ran in the early 2000s had a similarly unremarkable performance.

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As wildfires rage, private firefighters join the fight for the fortunate few

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As wildfires rage, private firefighters join the fight for the fortunate few

When devastating wildfires erupted across Los Angeles County this week, David Torgerson’s team of firefighters went to work.

The thousands of city, county and state firefighters dispatched to battle the blazes went wherever they were needed. The crews from Torgerson’s Wildfire Defense Systems, however, set out for particular addresses. Armed with hoses, fire-blocking gel and their own water supply, the Montana-based outfit contracts with insurance companies to defend the homes of customers who buy policies that include their services.

It’s a win-win if the private firefighters succeed in saving a home, said Torgerson, the company’s founder and executive chairman. The homeowner keeps their home and the insurance company doesn’t have to make a hefty payout to rebuild.

“It makes good sense,” he said. “It’s always better if the homes and businesses don’t burn.”

Torgerson’s operation, which has been contracting with insurance companies since 2008 and employs hundreds of firefighters, engineers and other staff, highlights a lesser-known component of fighting wildfires in the U.S. Along with the more than 7,500 publicly funded firefighters and emergency personnel dispatched to the current conflagrations, which have burned more than 30,000 acres and destroyed more than 9,000 structures, a smaller force of for-hire professionals is on the fire lines for insurance companies, wealthy individual property owners or government agencies in need of additional hands.

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Their presence isn’t without controversy. Private firefighters hired by homeowners directly have drawn criticism for heightening class divides during disasters. This week, a Pacific Palisades homeowner received backlash for putting a call out on X, the social media site formerly named Twitter, for help finding private firefighters who could save his home.

“Does anyone have access to private firefighters to protect our home in Pacific Palisades? Need to act fast here. All neighbors houses burning,” he wrote in the since-deleted post. “Will pay any amount.”

“The epitome of nerve and tone deaf!” someone replied.

In 2018, Kim Kardashian and Kanye West credited private firefighters for saving their $60-million home in the Santa Monica mountains during a wildfire. But those who serve wealthy clients make up only a small fraction of nonpublic firefighters, according to Torgerson.

“Contract firefighters who are hired by the government are the vast majority,” he said. The federal government has been hiring private firefighters since the 1980s to support its own forces. According to the National Wildfire Suppression Assn., there are about 250 private sector fire response companies under federal contract, adding about 10,000 firefighters to U.S. efforts.

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Some private firefighting companies, including Wildfire Defense Systems, are known as Qualified Insurance Resources and are paid by insurance companies to protect the homes of their customers. Wildfire Defense Systems refers to its on-the-ground forces as private sector wildfire personnel.

Wildfire Defense Systems only works with the insurance industry, but other privately held firefighting companies contract with industrial clients such as petrochemical facilities and utility providers. Wildfire Defense Systems declined to disclose company revenue or what it charges for its services.

Allied Disaster Defense, a company that has sent personnel to the fires in Los Angeles, offers services to both property owners and insurance companies. Its website says its services will “enhance the insurability of properties” and “contribute to reduced claims.”

The website also has a page dedicated to services for private clients, which include emergency response and assistance with insurance claims for “high net-worth and celebrity” customers. The company does not list prices for its services and has nondisclosure agreements with its private clients.

Several other private firefighting companies are based in California, including Mt. Adams Wildfire, which contracts with government agencies, and UrbnTek, which serves Los Angeles, Orange County and San Diego among other areas. Along with spraying fire retardant on trees and brush to stop an advancing fire, the company offers “a double layer of protection by wrapping a structure with our fire blanket system.”

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Torgerson, a civil engineer with 34 years in emergency services, said he has been struck by the speed of the current wildfires. While typically it takes two to 10 minutes for a fire to sweep through a home, he said, the Palisades fire is traveling at higher speeds.

“It’s moving so fast, it’ll likely take one to two minutes for these fires to pass over the properties,” he said.

He said his company responded to all 62 of the wildfires that threatened structures in California in 2024 and didn’t lose a property.

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As Delta Reports Profits, Airlines Are Optimistic About 2025

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As Delta Reports Profits, Airlines Are Optimistic About 2025

This year just got started, but it is already shaping up nicely for U.S. airlines.

After several setbacks, the industry ended 2024 in a fairly strong position because of healthy demand for tickets and the ability of several airlines to control costs and raise fares, experts said. Barring any big problems, airlines — especially the largest ones — should enjoy a great year, analysts said.

“I think it’s going to be pretty blue skies,” said Tom Fitzgerald, an airline industry analyst for the investment bank TD Cowen.

In recent weeks, many major airlines upgraded forecasts for the all-important last three months of the year. And on Friday, Delta Air Lines said it collected more than $15.5 billion in revenue in the fourth quarter of 2024, a record.

“As we move into 2025, we expect strong demand for travel to continue,” Delta’s chief executive, Ed Bastian, said in a statement. That put the airline on track to “deliver the best financial year in Delta’s 100-year history,” he said.

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The airline also beat analysts’ profit estimates and said it expected earnings per share, a measure of profitability, to rise more than 10 percent this year.

Delta’s upbeat report offers a preview of what are expected to be similarly rosy updates from other carriers that will report earnings in the next few weeks. That should come as welcome news to an industry that has been stifled by various challenges even as demand for travel has rocketed back after the pandemic.

“For the last five years, it’s felt like every bird in the sky was a black swan,” said Ravi Shanker, an analyst focused on airlines at Morgan Stanley. “But it appears that this industry does have its ducks in a row.”

That is, of course, if everything goes according to plan, which it rarely does. Geopolitics, terrorist attacks, air safety problems and, perhaps most important, an economic downturn could tank demand for travel. Rising costs, particularly for jet fuel, could erode profits. Or the industry could face problems like a supply chain disruption that limits availability of new planes or makes it harder to repair older ones.

Early last year, a panel blew off a Boeing 737 Max during an Alaska Airlines flight, resurfacing concerns about the safety of the manufacturer’s planes, which are used on most flights operated by U.S. airlines, according to Cirium, an aviation data firm.

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The incident forced Boeing to slow production and delay deliveries of jets. That disrupted the plans of some airlines that had hoped to carry more passengers. And there was little airlines could do to adjust because the world’s largest jet manufacturer, Airbus, didn’t have the capacity to pick up the slack — both it and Boeing have long order backlogs. In addition, some Airbus planes were afflicted by an engine problem that has forced carriers to pull the jets out of service for inspections.

There was other tumult, too. Spirit Airlines filed for bankruptcy. A brief technology outage wreaked havoc on many airlines, disrupting travel and resulting in thousands of canceled flights in the heart of the busy summer season. And during the summer, smaller airlines flooded popular domestic routes with seats, squeezing profits during what is normally the most lucrative time of year.

But the industry’s financial position started improving when airlines reduced the number of flights and seats. While that was bad for travelers, it lifted fares and profits for airlines.

“You’re in a demand-over-supply imbalance, which gives the industry pricing power,” said Andrew Didora, an analyst at the Bank of America.

At the same time, airlines have been trying to improve their businesses. American Airlines overhauled a sales strategy that had frustrated corporate customers, helping it win back some travelers. Southwest Airlines made changes aimed at lowering costs and increasing profits after a push by the hedge fund Elliott Management. And JetBlue Airways unveiled a strategy with similar aims, after a less contentious battle with the investor Carl C. Icahn.

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Those improvements and industry trends, along with the stabilization of fuel, labor and other costs, have created the conditions for what could be a banner 2025. “All of this is the best setup we’ve had in decades,” Mr. Shanker said.

That won’t materialize right away, though. Travel demand tends to be subdued in the winter. But business trips pick up somewhat, driven by events like this week’s Consumer Electronics Show in Las Vegas.

The positive outlook for 2025 is probably strongest for the largest U.S. airlines — Delta, United and American. All three are well positioned to take advantage of buoyant trends, including steadily rebounding business travel and customers who are eager to spend more on better seats and international flights.

But some smaller airlines may do well, too. JetBlue, Alaska Airlines and others have been adding more premium seats, which should help lift profits.

While he is optimistic overall, Mr. Shanker acknowledged that the industry was vulnerable to a host of potential problems.

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“I mean, this time last year you were talking about doors falling off planes,” he said. “So who knows what might happen.”

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