United CEO says mergers made airlines profitable

United Airlines CEO Jeff Smisek thinks the airline business is transforming into a profitable industry, thanks to fewer flights and higher fares.

Mergers have helped bring rationality to the market, Smisek told an aviation conference Thursday. For far too long, he said, too many airlines were chasing too few passengers.

“I’ve been in the industry for 18 years and this is the first time that I have hope for this business,” he said.