USPS reports $1.5bn quarterly loss
The US Postal Service has reported a net loss of $1.5bn for the third quarter (Q3).
In a statement about its latest results sent to Post&Parcel today (9 August), USPS added that its revenue for the quarter was $17.1bn, which was an increase of $402m, or 2.4%, on last year’s Q3.
It was the usual tale of mail decline and parcel growth.
First-Class Mail revenue declined by $134m, or 2.2%, and Marketing Mail revenue increased by $63m, or 1.6%. Total mail volume declined by a combined 397m pieces, or 1.2%, compared to the same quarter last year. Shipping and Packages revenue increased by $475m, or 10.2%, on volume growth of 102 m pieces, or 7.5%.
Commenting on the results, Postmaster General and CEO Megan J. Brennan said: “The root cause of our financial instability is a flawed business model that is imposed by law. We encourage the Congress to engage in a broad public policy discussion and pass postal reform legislation.
“We support legislation under consideration in the current Congress which would provide immediate flexibility to the organization, allow the Postal Service to invest in our future and continue to provide the prompt, reliable, efficient and universal service the public expects.”