The U.S. Postal Service on Friday said a parcel surcharge implemented in April to cover rising fuel and transportation costs and higher stamp prices helped boost overall revenue to nearly $20 billion for the fiscal third quarter as it continues to manage through a cash crisis, with Postmaster General David Steiner criticizing regulators for recently limiting more frequent price hikes aimed at restoring the organization’s financial viability.
The national postal operator reduced its net loss year over year by 18.2%, or $584 million, to $2.5 billion. The controllable loss, which excludes mandated obligations outside management’s control, was $1.04 billion.
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