Total operating revenue was $19.3 billion for the quarter, a decrease of $484 million, or 2.4 percent, compared to the same quarter last year.įirst-Class Mail revenue increased $33 million, or 0.5 percent, on a volume decline of 1.1 billion pieces, or 8.1 percent, compared to the same quarter last year. The increase in the pace of change now required to achieve our financial goals will continue to be balanced with providing service performance throughout the nation.” “We continue to focus on achieving break-even financial results for the 10-year period, although inflationary and economic conditions, as well as administrative hurdles, have proven difficult. “The Postal Service is making rapid progress with our 10-year transformation and modernization plan, which has already produced strong service performance and efficiency improvements and is creating a much more capable and effective operational model for the nation,” said Postmaster General and CEO Louis DeJoy. The Postal Service reports its adjusted results excluding these costs. Costs outside of management's control include retiree health benefits expense eliminated by the Postal Service Reform Act (PSRA) which were therefore not incurred this quarter, as well as other costs that increased this quarter when compared to the same quarter last year like retiree benefits expense for the amortization of underfunded Civil Service Retirement System (CSRS) and Federal Employee Retirement System (FERS) plans, and workers’ compensation expenses caused by actuarial revaluation and discount rate changes. Results under GAAP include costs outside of management’s control of $2.0 billion for the quarter, an increase of more than $900 million, compared to the costs outside of management's control of $1.1 billion for the same quarter last year. On a non-GAAP basis, adjusted loss was $498 million, compared to adjusted income of $427 million for the same quarter last year. On a generally accepted accounting principles (GAAP) basis net loss for the quarter totaled $2.5 billion, an increase in net loss of $1.8 billion, compared to a net loss of $639 million for the same quarter last year. ![]() Postal Service today announced its financial results for the second quarter of fiscal year 2023 (Jan. Service continues to improve with 98 percent of the nation’s population receiving their mail and packages in three days or less.Mail volume declines, operational inflation and elevated retirement expenses continue to negatively impact financial results.Continued progress on the Delivering for America plan.Postal Service Reports Second Quarter Fiscal Year 2023 Results Security controls for commercial mailers.“By implementing this 10-year plan in full, we expect to operate in a financially self-sustaining manner within the next several years while continuing to fulfill our universal service mission,” Corbett says. He also explains how Delivering for America, the Postal Service’s new 10-year plan, will put the organization on firmer financial footing for the future by establishing a framework to respond to changes in the marketplace, innovate to grow revenue and work more efficiently.Įmployees can read the plan in ’s Delivering for America section. “We believe consumer behavior has evolved during the pandemic and our shipping and packages volumes are not expected to decline to pre-pandemic levels as the nation has increasingly relied on the safety and convenience of e-commerce,” Corbett says. Despite these decreases, though, volume remains higher than pre-pandemic levels. ![]() He also reports that shipping and packages revenue decreased 7.8 percent and volume fell 14.1 percent. The Postal Service’s latest quarterly financial report highlights why the Delivering for America plan must be fully implemented, Chief Financial Officer Joe Corbett says in his latest “Dollars and Change” video.ĭuring fiscal year 2021’s third quarter (April 1-June 30), the organization’s total operating revenue was $18.5 billion and total operating expenses were $21.4 billion, leaving USPS with a net loss of $3 billion.Ĭompared with the same quarter one year earlier, First-Class Mail revenue grew 1 percent and volume increased 1.1 percent, while Marketing Mail revenue grew 42 percent and volume increased 38.6 percent.Ĭorbett notes, however, that Marketing Mail volumes were “very depressed” during the same quarter one year ago and have not recovered to pre-pandemic levels.
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