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USPS finances

Third-quarter results reported

Letter carrier walks along sidewalk
San Diego Letter Carrier Timothy Jefferson delivers mail during the spring.

The Postal Service has reported its financial results for fiscal 2018’s third quarter (April 1-June 30). Here are some highlights:

• Revenue. Total revenue was $17.1 billion, up 2.4 percent compared to the same period one year earlier. First-Class Mail revenue declined 2.2 percent compared to a year ago, while Marketing Mail revenue increased 1.6 percent. Revenue from shipping and packages grew 10.2 percent compared to one year earlier.

• Volume. Total mail volume during the third quarter was 35 billion pieces, down about 1 percent compared to the same period last year. USPS delivered 1.46 billion packages, up 7.5 percent from a year ago.

• Net loss. The Postal Service recorded a third-quarter net loss of $1.5 billion, about $651 million less than the net loss from one year earlier. A net loss occurs when an organization’s total expenses exceed its total revenue.

“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,” said Postmaster General Megan J. Brennan.

“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.”

Brennan said that in addition to enactment of postal reform legislation, continued aggressive postal management action and regulatory changes, including a less rigid and more responsive pricing system, are required.

The Postal Service’s Aug. 9 news release has more information.

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