U.S. Postal Service takes another billion-dollar hit


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U.S. Postal Service takes another billion-dollar hit - Freightwaves

The U.S. Postal Service (USPS) reported on August 9 a net loss of nearly $2.3 billion in its fiscal 2019 third quarter, an increase of $767 million from the same period in 2018 – and up from a $2.1 billion loss in the previous quarter – as its first-class and marketing-mail revenue continue to pressure operations.

The service reported total revenue of $17.1 billion in the quarter (April 1 – June 30), down $16 million, or essentially flat, from the same quarter last year.

One of the few bright spots for the agency continues to be shipping and packages revenue, which increased by $250 million, or 4.8 percent, despite a volume decline of 47 million mail pieces, or 3.2 percent, compared to 2018. Shipping and packages also grew as a percentage of total revenue year-on-year, from 29 percent in 2018 to 32 percent in the current quarter.