The U.S. Postal Service today announced its financial results for the second quarter of its fiscal year 2022 (Jan. 1, 2022 – March 31, 2022), reporting an adjusted loss of approximately $1.7 billion for the quarter, essentially flat compared to the same quarter last year. Adjusted loss excludes non-cash workers’ compensation adjustments for the impacts of actuarial revaluation and discount rate changes, which are outside of management’s control. On a U.S. generally accepted accounting principles (“GAAP”) basis, the Postal Service had a net loss of $639 million for the quarter, compared to a net loss of $82 million for the same quarter last year.
The Postal Service’s operating revenue was approximately $19.8 billion for the quarter, an increase of $896 million, or 4.7 percent, on volume growth of 886 million pieces, or 2.9 percent, compared to the same quarter last year.
Marketing Mail revenue increased $512 million, or 15.9 percent, compared to the same quarter last year, on volume growth of approximately 1.2 billion pieces, or 8.4 percent. Marketing Mail experienced steep volume declines at the onset of the pandemic but has been rebounding as the economy continues to recover. Marketing Mail has generally proven to be a resilient marketing channel and its value to U.S. businesses remains strong due to healthy customer returns on investment and better data and technology integration. Revenue grew at a greater rate than volume due to price increases.
First-Class Mail revenue increased $296 million, or 5.0 percent, compared to the same quarter last year, despite a volume decline of 82 million pieces, or 0.6 percent, due to continuing migration from mail to electronic communication and transaction alternatives. First-Class Mail volume remains lower than pre-pandemic levels and we expect continued secular declines. Revenue grew despite the decline in volume due to price increases.
Shipping and Packages revenue increased $98 million, or 1.3 percent, despite a volume decline of 94 million pieces, or 5.0 percent. Higher package volumes in the prior year were due to the pandemic-related surge in e-commerce, which continues to abate as the economy recovers and market competition intensifies. However, Shipping and Packages volume remains higher than pre-pandemic levels. Revenue grew despite the decline in volume due to price increases.
details at: https://about.usps.com/newsroom/national-releases/2022/0505-usps-reports-second-quarter-fiscal-year-2022-results.htm