The USPS cited an urgent need for legislative and regulatory reforms as it reported its financial performance for fiscal year 2019, ending Sept. 30th. While management said it made progress in containing costs, it said returning the Postal Service to financial health was outside of its control.
Operating revenue rose $514 million to $71.1 billion for fiscal year 2019, driven largely by price increases and continued growth in the Shipping and Packages business.
Interestingly, the 6.1% increase in revenue in the Shipping and Packages business more than offset revenue declines in First-Class and Marketing Mail that were caused by declining volumes.
“Package volume grew slightly at 16 million pieces, or 0.3 percent, continuing a multi-year trend of declining mail volumes and increasing package volumes, although package volume growth slowed considerably during the year.”