By almost every measure, ValuJet Airlines is doing probably as good a job as anyone could reasonably expect of rebuilding its operation following last year's business near-disaster.

To say most U.S. airlines had a good first quarter would be a major understatement, judging from the earnings that carriers are reporting.

With its growing customer base, tight rein on spending and focused market strategy, American Mobile Satellite Corp. (AMSC) is now ``positioned for success'' following last year's attempt to execute a seriously flawed business plan.

British Airways will reap savings of only $32 million or so from last week's pact with ground services personnel--their wages will be frozen for two years--but the labor agreement sends a strong message to the financial community: The U.K. carrier fully intends to meet its goal of reducing operating expenses by $1.6 billion by 2000 and remain one of the world's most competitive airlines.

Proliferating inventory-management programs at AAR Corp.--an opportunistic response to the aviation industry's desire to save costs through outsourcing--are fueling strong revenue and earnings growth.

Thiokol Corp. earnings from commercial businesses are expected to increase substantially in the next few years, reaching 65% or more, up from 43% currently.

The recent surge in the value of U.S. airline equities notwithstanding, the stock-price performances of both the aerospac e/defense group and carriers are lagging well behind the increase in the Standard&Poor's 500 Industrials Index thus far in 1997.

An addition to ARNAV Systems' line of avionics is the new MFD 5200 moving-map display. A 2.5-pound, remote- mount symbol generator and a 2.7-pound color LCD are the two components that make up the system. The five-inch unit displays NEXRAD and METAR weather reports. The STCed system is now operating in Cessna Citations, Raytheon aircraft and Sikor-sky and Bell helicopters. Price: $6,995. ARNAV.