The U.S. Postal Service (USPS) announced Tuesday that it made profits in the first quarter of the fiscal year, in part due to increased holiday deliveries.
The USPS said in a statement that more than 1.1 billion packages were delivered during the holiday season, which helped net revenue of $ 318 million during the quarter through Dec. 31. The agency lost $ 748 million in the same period a year ago. Total revenue increased 11.1% to $ 21.5 billion.
“Our strong growth in package volume during the holiday quarter demonstrates how dramatically our business and revenue combination is changing,” the postmaster general said. Louis DeJoy
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The USPS has found itself in a highly publicized fiscal hole, a situation that came to the fore during the 2020 presidential election.
DeJoy, a GOP fundraiser with ties to alumni President Trump
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DeJoy went on to call for general changes in the operation of the USPS, saying it still faces an upward rise to remain consistently profitable.
“While our positive financial results for this quarter are welcome, we continue to face systemic imbalances that make our current operating model unsustainable and the economic impacts of the COVID-19 pandemic will continue to challenge the organization. It is essential that the postal service adopt comprehensive reforms so that we are able to meet the changing needs of our business and residential customers and ensure our ability to provide reliable and universal email and parcel delivery to all Americans, ”he said.