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USPS financial results

First-quarter operating revenue rose 3.3 percent

Package volumes rose 16.2 percent during the first quarter, USPS reported Feb. 9.

The Postal Service has reported operating revenue of $19.3 billion for fiscal 2016’s first quarter (Oct. 1-Dec. 31, 2015), an increase of $613 million — or 3.3 percent — compared to the same period one year earlier.

The increase was driven by a 16 percent increase in package volume and a 13.5 percent rise in package revenue stemming from a record holiday shipping season.

“We continue to grow our e-commerce business and remain focused on delivering the best value for our customers,” PMG Megan J. Brennan said.

“Despite these achievements and the best efforts of our employees, our financial condition will worsen without legislative reform. Our financial situation is serious but solvable through the enactment of prudent legislative reform.”

Controllable income was $1.3 billion compared to $1.1 billion for the same period one year ago.

Net income was $307 million, a change of $1.1 billion from the net loss of $754 million one year earlier.

“While net income is favorable compared to a net loss, it unfortunately does not reflect the end of our losses,” said Chief Financial Officer Joseph Corbett.

The Feb. 9 news release has more information, and complete financial results are in the Form 10-Q.

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