The Postal Service has reported its financial results for fiscal year 2022’s second quarter (Jan. 1-March 31). Here are some highlights:
• Revenue. Operating revenue was approximately $19.8 billion, an increase of 4.7 percent compared with the same quarter one year earlier. First-Class Mail revenue increased 5 percent, while Marketing Mail revenue increased 15.9 percent. Revenue from shipping and packages increased 1.3 percent.
• Volume. Total volume was approximately 31.6 billion pieces, up 2.9 percent from one year earlier. First-Class Mail volume declined 0.6 percent, while Marketing Mail volume grew 8.4 percent. Shipping and packages volume declined 5 percent.
• Expenses. Total operating expenses increased approximately 7.7 percent, compared with the same quarter last year. Excluding noncash workers’ compensation adjustments for the impacts of actuarial revaluation and discount rate changes, total operating expenses increased 4.4 percent, driven largely by ongoing inflation.
• Adjusted loss. The Postal Service reported an adjusted loss of $1.7 billion, essentially flat compared with the same quarter last year. Adjusted loss excludes noncash workers’ compensation adjustments for the impacts of actuarial revaluation and discount rate changes, which are outside of management’s control.
“During the quarter, we made strong strides in on-time service performance, demonstrated the effectiveness of our network through the delivery of COVID-19 tests, and continued to aggressively implement key aspects of Delivering for America, our 10-year transformation plan,” said Postmaster General Louis DeJoy. “Our financial results this quarter demonstrate the challenging nature of the current inflationary economic environment as we make structural progress in balancing long-standing revenue and cost imbalances and returning the organization toward financial sustainability.”
The Postal Service’s May 5 news release has additional information.