Boy's a genius, make him an SVP immediately! (Sarcasm level: High)
It has nothing to do with load factor and everything to do with yields. For months I was flying A380s to Europe with the premium cabins full of free upgrades from economy which was overbooked by 50 or 60. The aeroplane was very full but I'm sure no money was being made. Mercifully, this unique type of economics appears to have stopped now.