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The US Postal Service lost $6.5 billion last year. It predicted it would break even

today 11/16/2023
The US Postal Service suffered a loss of $6.5 billion in the past fiscal year, which is a setback for their efforts to achieve a financial turnaround. Despite an increase in revenue earlier this year due to a shift in package volume from UPS, the Postal Service failed to break even as projected. The loss is attributed to inflation, which raised operational costs and led to a surge in printing prices, resulting in a significant decline in junk mail. However, the Postmaster General remains optimistic about the service's transformation goals and progress in cost control and revenue generation strategies. The report does not provide specific details on the business gained during July and August when some package shippers diverted their business from UPS. The Postal Service expects to recapture most of this business by the end of the year. While UPS reported a reduction in package volume due to the shift, FedEx also experienced some increase in business. In terms of revenue, shipping and packages remain the largest segment, with a slight increase of 1% to $31.6 billion, despite a 2% decrease in volume. First-Class mail revenue also increased by 2%, reaching $24.5 billion, despite a 6% decline in volume. The most significant decrease was in revenue from marketing mail, which dropped by $920 million or 8%. It is worth noting that the Postal Service's reported net income of $56 billion in the previous fiscal year was mainly due to a non-cash gain from legislation that changed the accounting for retiree health care expenses. Excluding this one-time gain and other uncontrollable costs and gains, the controllable loss for the Postal Service increased to $2.3 billion in the recent fiscal year from $473 million in the previous year.
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