Postal Service Loss Widens To Over $2 Billion As Revenue Declines

The U.S. Postal Service reported Thursday a net loss of $2.14 billion for the fiscal third quarter ended June 30, compared with a loss of $1.57 billion in the same period a year ago. The controllable loss, which excludes items that are non-recurring and outside of management control, such as government policy changes, widened to $587 million from $552 million a year ago. Total revenue fell to $16.67 billion from $17.70 billion, as declines in first-class, marketing and periodicals offset increases in shipping and packages and international. "The growth in our lower-margin package business is not sufficient to make up for the accelerating mail volume declines," said Postmaster General Megan Brennan. "Our financial situation is serious, but solvable. The continuation of aggressive management actions, and legislative and regulatory reform, will return us to financial stability and enable the Postal Service to maintain the long-term affordability of mail, invest in America's mailing and shipping industry, and best serve the American public." The USPS said it continues to push for health care benefit funding and pension funding reform.