The Postal Service has reported its financial results for fiscal year 2023’s third quarter (April 1-June 30). Here are some highlights:
• Revenue. Operating revenue was $18.6 billion, a decrease of 0.9 percent compared with the same quarter one year earlier. First-Class Mail revenue increased 4 percent, while Marketing Mail revenue decreased 8.8 percent. Shipping and packages revenue remained relatively flat.
• Volume. Total volume was approximately 27 billion pieces, down 11.4 percent from one year earlier. First-Class Mail volume declined 5.9 percent, while Marketing Mail volume declined 16 percent. Shipping and packages volume declined 2.4 percent.
• Expenses.Total operating expenses were $20.5 billion for the quarter, an increase of 9.6 percent compared with the same quarter last year. On a non-generally accepted accounting principles (GAAP) basis, adjusted operating expenses increased by 2 percent compared with the same quarter last year.
• Net loss. On a GAAP basis, net loss for the quarter totaled $1.7 billion, compared with net income of $59.7 billion for the same quarter last year, due almost exclusively to the noncash effect of the Postal Service Reform Act becoming law in April 2022. On a non-GAAP basis, adjusted loss was $860 million, compared with an adjusted loss of $459 million for the same quarter last year.
“In alignment with our Delivering for America transformation plan, we are making positive strides in improving the service we provide the American public — including the introduction of new products like USPS Ground Advantage that provide excellent value to our customers,” said Postmaster General Louis DeJoy. “Concurrently, our team is working hard to reduce our cost of performance, which is helping to offset still sizable inflationary and economic pressures. We are setting the stage for long-term financial sustainability as we continue to modernize our processing, transportation, retail and delivery networks.”
The Postal Service’s Aug. 8 news release has additional information.
Reference: USPS News Link via NPMHU Local 317
