U.S. Postal Service Reports Second Quarter Fiscal Year 2023 Results

The U.S. Postal Service today announced its financial results for the second quarter of fiscal year 2023 (Jan. 1, 2023 – Mar. 31, 2023). On a generally accepted accounting principles (GAAP) basis net loss for the quarter totaled $2.5 billion, an increase in net loss of $1.8 billion, compared to a net loss of $639 million for the same quarter last year. On a non-GAAP basis, adjusted loss was $498 million, compared to adjusted income of $427 million for the same quarter last year.

Results under GAAP include costs outside of management’s control of $2.0 billion for the quarter, an increase of more than $900 million, compared to the costs outside of management’s control of $1.1 billion for the same quarter last year. Costs outside of management’s control include retiree health benefits expense eliminated by the Postal Service Reform Act (PSRA) which were therefore not incurred this quarter, as well as other costs that increased this quarter when compared to the same quarter last year like retiree benefits expense for the amortization of underfunded Civil Service Retirement System (CSRS) and Federal Employee Retirement System (FERS) plans, and workers’ compensation expenses caused by actuarial revaluation and discount rate changes. The Postal Service reports its adjusted results excluding these costs.

Total operating revenue was $19.3 billion for the quarter, a decrease of $484 million, or 2.4 percent, compared to the same quarter last year.

First-Class Mail revenue increased $33 million, or 0.5 percent, on a volume decline of 1.1 billion pieces, or 8.1 percent, compared to the same quarter last year. Marketing Mail revenue decreased $161 million, or 4.3 percent, on a volume decline of 1.7 billion pieces, or 11.0 percent, compared to the same quarter last year. Shipping and Packages revenue decreased $162 million, or 2.1 percent, on a volume decline of 89 million pieces, or 5.0 percent, compared to the same quarter last year.

Total operating expenses were $22.0 billion for the quarter, an increase of $1.6 billion, or 7.6 percent, compared to the same quarter last year. On a non-GAAP basis, adjusted operating expenses increased by $641 million, or 3.3 percent, compared to the same quarter last year.
details at: https://about.usps.com/newsroom/national-releases/2023/0509-usps-reports-second-quarter-fiscal-year-2023-results.htm

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