Postal Service Loss Widens In Fiscal 3rd Quarter

The U.S. Postal Service continues to bleed red ink. In its fiscal 2023 third quarter, which ended June 30, the Postal Service lost $860 million on an adjusted, non-GAAP basis, compared with an adjusted $459 million loss. On a GAAP basis, the net loss was $1.7 billion, compared to net income of $59.7 million in the year-earlier quarter.

Operating revenue declined 0.9% to $18.6 billion, the Postal Service said. Shipping and package volume in the quarter was down 2.4% to 1.7 billion pieces from 1.74 billion. Shipping and package revenue remained virtually flat at $7.5 billion.

Total revenue came in at $18.57 billion, down from $18.7 billion in the year-earlier quarter. Volume fell to 27 billion pieces from 30.4 billion. First-class mail and marketing mail posted a combined drop of about 2 billion pieces.

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Mark Solomon