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The U.S. Postal Service saw a $318 million profit in the first quarter of fiscal 2021, though it called the rare bit of good news ephemeral and promised a major reform package in the coming days.
A historic surge in package volume, election mail and a temporary holiday-season price increase propelled USPS into the black, even as customers across the country decried skyrocketing mail delays.
Postal management cautioned the fleeting profitability—which it said would not have been possible without an inflationary adjustment to its obligations and the seasonal price hike—was not a cause for celebration. Absent significant reforms, poorer service coupled with ongoing financial problems would become the new norm, officials said.