U.S. Postal Service Reports Second Quarter Fiscal Year 2024 Results

The U.S. Postal Service today announced its financial results for the second quarter of fiscal year 2024 (Jan. 1, 2024 – Mar. 31, 2024). The net loss for the quarter under generally accepted accounting principles (GAAP) totaled $1.5 billion, compared to a net loss of $2.5 billion for the same quarter last year. GAAP results for the quarter were negatively impacted by $1.4 billion of expenses attributed to the amortization of unfunded retiree pension liabilities, offset by a workers’ compensation non-cash benefit of $224 million driven by actuarial revaluation and discount rate changes; these factors are not controllable by the Postal Service. Controllable loss, as defined below, for the quarter was $317 million, compared to a controllable loss of $498 million for the same quarter last year. These results were favorably impacted by increased revenue and lower transportation costs, partially offset by the continued effect of inflation on operating expenses.

Total operating revenue was $19.7 billion for the quarter, an increase of $410 million, or 2.1 percent, compared to the same quarter last year.

Revenue for the overall Shipping and Packages category increased $89 million, or 1.2 percent, on a volume increase of 25 million pieces, or 1.5 percent, compared to the same quarter last year. USPS Ground Advantage, the Postal Service’s shipping offering which provides a simple, reliable, and more affordable way to ship packages, has continued to experience wide adoption in the marketplace.

First-Class Mail revenue increased $280 million, or 4.4 percent, on a volume decline of 261 million pieces, or 2.2 percent, compared to the same quarter last year. Marketing Mail revenue increased $74 million, or 2.1 percent, on a volume decline of 282 million pieces, or 2.0 percent, compared to the same quarter last year.

“Our financial results this quarter demonstrated positive trends regarding improved revenue generation and cost control. This reflected progress in the implementation of our 10-year transformation and modernization plan,” said Postmaster General Louis DeJoy. “We also saw gains in package deliveries through our successful USPS Ground Advantage offering, which was enabled by our new operating model. As we continue to modernize our processing, transportation, and delivery functions, we will increasingly operate with greater efficiency and capability, and at a consistently higher level of performance.”
https://about.usps.com/newsroom/national-releases/2024/0509-usps-reports-second-quarter-fiscal-year-2024-results.htm

Related Posts

Amazon.com Announces Third Quarter Results

“As we get into the holiday season, we’re excited about what we have in store for customers,” said Andy Jassy, Amazon President & CEO. “We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations; and there’s so much more coming, from tens of millions of deals, to our NFL Black Friday game and Election Day coverage with Brian Williams on Prime Video, to over 100 new cloud infrastructure and AI capabilities that we’ll share at AWS re:Invent the week after Thanksgiving.” Net sales increased 11% to $158.9 billion in the third quarter, compared with $143.1 billion in third quarter 2023. Excluding the $0.2 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with third quarter 2023. Operating income increased to $17.4 billion in the third quarter, compared with $11.2 billion in third quarter 2023.

Greater Resources Required to Mount an Aggressive Fight to Overturn Postal Rate Hike

Dear Industry Executive: We have heard from some companies about their willingness to underwrite our strong opposition to the PRC’s granting of additional rate authority to the US Postal Service. We still need additional funding. Otherwise, we’re in for draconian rate hikes throughout the next decade that could push all of us out of the mail. What Your Pledge Will Help Us Do: 1. A branded digital campaign to activate and engage catalog merchants, industry employees, suppliers, and the millions of catalog shoppers who rely on and benefit from our industry. We will launch a simple constituent outreach tool for widespread use to motivate elected officials with template-driven email and text tools. The tool will also provide all details, op-eds and other materials to both whip up support and be an online destination that will drive pick-ups, retweets and interest beyond catalog-only interests. 2. Aided by the digital campaign, an aggressive effort to convince lawmakers in Washington to pass sensible postal reform legislation that addresses the massive congressionally-imposed cost overhangs that plague the postal system and are the causal factor in the PRC’s ruling. 3. File a lawsuit in the US Court of Appeals challenging the Postal Regulatory Commission’s (PRC) overreach that clearly exceeds its authority to make such sweeping and fundamental changes to the rate-setting system.

U.S. Postal Service Releases Dog Bite National Rankings

More than 5,300 Postal Service employees were attacked by dogs while delivering the mail last year. Aggressive dog behavior is a common safety concern USPS employees face. To keep its workers safe, the organization is providing important information on how dog owners can be good stewards for safe mail delivery as part of its annual National Dog Bite Awareness Week public service campaign. The campaign runs Sunday, June 4, through Saturday, June 10. This year’s theme is “Even good dogs have bad days.” Spread the news of the campaign with the hashtag #dogbiteawareness.
Back To Top
×Close search
Search