USPS reports first quarter results
These expenses include the mandated prefunding of retirement health benefits, actuarial revaluation of retirement liabilities and non-cash workers’ compensation adjustments. The first quarter is typically the strongest quarter of the fiscal year for the Postal Service. Net income for the quarter was $307 million, a change of $1.1 billion from the net loss of $754 million for the same period last year. Controllable income is a non-GAAP financial measure defined as net income subtracting operating expenses considered outside of management’s control. ###Please Note: For broadcast quality video and audio, photo stills and other media resources, visit the USPS Newsroom at about.usps.com/news/welcome.htm.
