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USPS finances

Second-quarter results reported

Vehicle drives past beach
A USPS delivery vehicle travels in San Juan, PR, in January.

The Postal Service has reported its financial results for fiscal 2019’s second quarter (Jan. 1- March 31). Here are some highlights:

• Revenue. Total revenue was $17.5 billion, essentially flat from the same period one year earlier. First-Class Mail revenue declined 3.3 percent, while Marketing Mail revenue declined 3.9 percent. Shipping and packages revenue increased 4.9 percent.

• Volume. Total volume was 34.8 billion pieces, down 4.4 percent from the same period one year earlier. First-Class Mail volume declined 3.9 percent and Marketing Mail volume declined 5.2 percent, while shipping and packages volume increased 0.3 percent.

• Expenses. Total operating expenses were $19.6 billion for the quarter, a 4 percent increase compared to the same quarter last year. Excluding costs affected by actuarial revaluation, discount rate changes and amortization of unfunded liabilities — factors that are outside of management’s control — expenses increased 0.8 percent.

• Net loss. The net loss for the quarter totaled almost $2.1 billion, an increase of $747 million, compared to a net loss of $1.3 billion for the same quarter last year.

“The Postal Service continues to pursue aggressive management actions and to seek legislative and regulatory reforms to address our overall cost structure and enhance revenue-generating opportunities,” Postmaster General Megan J. Brennan said. “Our focus remains on meeting the expectations of the American public, continuing to invest in the future of the organization, and continually delivering innovations and increased value for both the senders and receivers of mail and packages.”

The Postal Service’s May 10 news release has more information.

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