Despite turbulence in the industry, airlines are posting high-flying quarterly results. American Airlines reported a record net profit of $864 million for the second quarter, up from $220 million last year. The company also announced a quarterly cash dividend of 10 cents a share. Both American and United Continental announced $1 billion buyback plans. While United said it earned $2.34 a share, topping estimates of $2.16 a share, J.P. Morgan airlines analyst Jamie Baker said the bigger surprise is the buyback. He said, "The timing is a welcome development, in our view, and should cause recent share price momentum to accelerate."