USPS had a quarterly net loss of $3.0 billion, steeper than a $2.2 billion loss for the same quarter a year ago, with this year’s net loss reflecting revaluations and the effects of non-cash workers’ compensation adjustments. While it had another quarter of net losses, total quarterly operating revenue—at roughly $18.5 billion—was up $845 million, or 4.8%, annually.
USPS CFO Joseph Corbett said in a statement that even though quarterly financials pointed to an ongoing net loss, its “Delivering for America plan outlines its clear strategies to structure the USPS for success.
By implementing this 10-year plan in full, we expect to operate in a financially self-sustaining manner within the next several years while continuing to fulfill our universal service mission,” he said.
In late March, the USPS released its 10-year plan focused on being financially sustainable and also provide top-level service.
The plan takes an ambitious approach focused on helping the USPS get on solid financial footing, as the organization has been in the red over the last 14 years and incurred a net loss of $9.2 billion in the last fiscal year.