The U.S. Postal Service generated net income in March of $295 million before escrow allocation, according to financial statements released by the agency.
That pre-allocation revenue figure constituted $189 million over the USPS’ budget plan for the month, and $424 million over revenue for the same month in 2005, for year-over-year growth of 6.9%.
After escrow allocation of $250 million in March, the agency posted a net revenue gain of $45 million for the month.
As of March 31, USPS pre-allocation net income so far in the current fiscal year, which ends Oct. 1, was $1.57 billion. That figure is $147 million over plan. Minus escrow allocation of $1.5 billion, net income year-to-date was $74.4 million.
The 2003 Civil Service Funding Retirement Act requires the USPS to place $3 billion in escrow by the end of September to defray enhanced retirement costs.
Total mail volume for March was 277 million pieces, a 1.5% increase over the volume in March 2005. Most of that increase occurred in standard mail, which rose 2.3% for the month year-to-year.
