The Postal Service has reported a net loss of $586 million during fiscal 2015’s third quarter (April 1-June 30) compared to a $2 billion loss during the same period one year earlier.
Operating revenue for the quarter was $16.5 billion, essentially unchanged from a year ago.
Meanwhile, although First-Class Mail volumes fell 2.6 percent and Standard Mail volumes dropped 2.1 percent, shipping and package volumes rose 13.4 percent.
“The continued growth of our shipping and package services is a direct result of the Postal Service’s continued efforts to offer consumers more choice, excellent value and reliable service in a growing and competitive marketplace,” said PMG Megan Brennan. “We are investing in our network and continually enhancing our services to best compete for America’s shipping and package delivery business.”
Total controllable operating expenses increased $256 million during the third quarter, while the controllable loss was $197 million.
However, the Postal Service has achieved a controllable net income of $1.2 billion since the fiscal year began last October.
Controllable income or loss is defined as net income excluding retiree health benefits prefunding expenses and expenses for interest rate and other non-cash workers’ compensation expenses, which are factors largely outside of management’s control.
Complete financial results are in the Form 10-Q.