Post’s net loss increases, but controllable loss narrows to just over $ 1 billion
The U.S. Postal Service on Friday reported fiscal third quarter losses that stretched to nearly $ 3 billion, with revenue up 4.8%, spending up 8.3% amid costs higher transport costs. Net losses for the June 30 quarter widened to $ 2.99 billion from $ 2.21 billion a year ago. Excluding items beyond management’s control, such as $ 581 million of change in workers’ compensation liability resulting from fluctuations in discount rates and approximately $ 1 billion in liability amortization expense, the “controllable loss” fell to $ 1.02 billion from $ 1.54 billion. Revenue rose 4.8% to $ 18.48 billion, while parcel shipping revenue fell 7.8% to $ 7.66 billion, first class mail revenue increased by 1% to $ 5.53 billion and market mail revenue rose 42.2% to $ 3.45 billion, which rebounded from steep declines related to the pandemic in the past year. Meanwhile, total operating expenses increased 8.3% to $ 21.4 billion, with transportation expenses increasing 8.3% and pay and salary expenses by 0.9%. . “We are moving from an outdated network and an operational posture that was ill-equipped to handle the effects of the pandemic on the mix of mail and packages we handle – and we expect this volume shift to continue. for the foreseeable future, “said Post Minister Louis DeJoy.