The US Postal Service lost 334 million dollars in the first quarter of this fiscal year. ABC News reports despite growth in package delivery last quarter, CFO Joe Corbett says by the end of the year the Postal Service won't be able to pre-fund retiree benefits, as the law requires. A Senate committee this week approved a bill that ends Saturday delivery, makes the latest stamp rate hike permanent, and allows USPS to raise rates in the future, without an independent government panel signing off. Postal unions and mail marketers oppose that.
First Quarter Results of Operations Compared to Same Period Last Year
- Total mail volume of 42.0 billion pieces compared to 43.5 billion pieces
- First-Class Mail volume declined 4.6 percent.
- Standard Mail volume declined by 2.8 percent.
- Shipping and Package volume increased 10.3 percent.
- Operating revenue of $18.0 billion, an increase of $334 million or 1.9 percent
- Operating expenses of $18.3 billion compared to $18.9 billion, a decrease of 3.0 percent