The Postal Service has reported its financial results for fiscal 2018’s second quarter (Jan. 1-March 31). Here are some highlights:
• Revenue. Total revenue was $17.5 billion, up 1.4 percent compared to the same period one year earlier. Revenue from the organization’s shipping and packages business grew 9.5 percent, while First-Class Mail revenue fell 2.5 percent and Marketing Mail revenue dropped by 0.4 percent.
• Volume. USPS delivered approximately 1.5 billion packages during the second quarter, up 5 percent from the same period one year earlier. The organization delivered about 14.7 billion First-Class Mail pieces during the second quarter, down 3.4 percent from one year earlier, and 18.6 billion Marketing Mail pieces, down 1 percent from a year ago. This continued a multi-year trend of declining letter volume and increasing package volume.
• Net loss. The Postal Service’s net loss for the second quarter totaled $1.3 billion, compared to a net loss of $562 million for the same period one year earlier.
“Despite growth in our package business, our financial results reflect systemic trends in the marketplace and the effects of an inflexible, legislatively mandated business model that limits our ability to generate sufficient revenue and imposes costs upon us that we cannot afford,” said Postmaster General Megan J. Brennan.
“America needs a financially strong Postal Service that can invest in its future and can continue to fulfill the needs of American businesses and consumers. With continued aggressive management and greater legal authority to respond to changes in our marketplace and to control our costs, the Postal Service can return to financial sustainability.”
The Postal Service’s May 11 news release has more information.