USPS increased revenue by 11% in Q1, but the Postmaster General still wants to restructure

This week marks a rare moment of celebration for the typically ailing United States Postal Service. The agency reported a net profit for the first quarter of fiscal year 2021 (ending Dec. 31, 2020), the first quarterly profit recorded in several years.

Still, the party hats remain tucked away in the cupboard. USPS warned that the surge is likely temporary and stems from a COVID-related boom in package deliveries. This isn’t sustainable, said Postmaster General Louis DeJoy in a statement. His controversial plans to restructure and come up with a new financial plan remain in place.

“While our positive financial results this quarter are certainly 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,” DeJoy said. “It is essential that the Postal Service adopts 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, universal mail and package delivery for all Americans.”

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Oh boy. A 12% bonus for all of my wonderful management team. Love Louie!