The US Postal Service took in almost a quarter billion dollars more than it spent in the month of February, bringing its year to date operating profit to $1.8 billion for the first five months of the fiscal year, according to preliminary, unaudited reports filed with the Postal Regulatory Commission. That compares favorably to the $1.2 billion profit the agency had at this point a year ago.
Mail volume for the month of February was up by a whopping 6% in February, led by standard mail, which increased by 9% compared to a year ago. First Class was up by 3%. Mail volume for the year to date, however, is still down by 1.4%. The increase in February may have been helped by political mailings as the primary season began.
Overall USPS revenue was up 9% for the month, and is up 3.6% for the year to date.
Employee work hours increased by 6.3% in February. Roughly half of that increase was due to the extra delivery and window service day caused by this being a leap year.
Despite all of the positive numbers, the USPS will end up reporting a loss for the month on its books, due to non-cash bookkeeping entries required by the 2006 PAEA law. Even though no money will actually change hands, those paper adjustments will convert the profit to a $608 million loss for the month, and a loss of $1.2 billion for the year to date.