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USPS posts $5.2 billion net loss for Q3

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Washington, D.C.—The U.S. Postal Service posted a net loss of $5.2 billion for its third fiscal quarter ended June 30. That compares with a loss of $3.1 billion in the year-earlier period. Decreasing mail volume and revenue across most mail categories contributed to the loss. The results reflect $3.1 billion that the USPS is required to set aside to prefund retiree health benefits, an amount it has declined to pay but must carry on its balance sheet. Likewise, the USPS' year-to-date net loss of $11.6 billion (compared to a $5.7 billion loss in the year-earlier period) included $9.2 billion owed due to the same prefunding mandate. The USPS saw positive signs in its package shipping business. Express and package shipping services saw a 9.0% revenue growth during the quarter, to $3.3 billion, with volume up 5.2% to 43 million pieces, compared with the year-earlier period.
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