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

February 8, 2024

READ FULL ARTICLE AT » USPS Employee News

The Postal Service has announced its financial results for the first quarter of fiscal year 2024 (Oct. 1-Dec. 31, 2023). Here are some highlights:

• Revenue. Total operating revenue was $21.6 billion, an increase of 0.5 percent compared with the same quarter one year earlier. Shipping and packages revenue increased 2.7 percent, and First-Class Mail revenue increased 2.6 percent. Marketing Mail revenue decreased 5.4 percent.

• Volume. Total volume was 30.5 billion pieces, down 9.2 percent compared with the same quarter the previous fiscal year. Shipping and packages volume increased 5.1 percent, while First-Class Mail volume declined 5.6 percent. Marketing Mail volume decreased 13.5 percent.

• Expenses. Total operating expenses were $23.8 billion for the quarter, an increase of 4.9 percent compared with the same quarter last year. Excluding costs that USPS cannot control — such as retiree pension benefits expense for the amortization of unfunded Civil Service Retirement System and Federal Employee Retirement System plans and workers’ compensation expenses caused by actuarial revaluation and discount rate changes — adjusted operating expenses decreased by 1 percent compared with the same quarter one year earlier.

• Net loss. The net loss for the quarter totaled $2.1 billion, compared with a net loss of $1 billion for the same quarter one year earlier. Results for the quarter were negatively affected primarily by noncash workers’ compensation expenses caused by actuarial revaluation and discount rate changes, the amortization of unfunded retiree pension liabilities and the continued effect of inflation on operating expenses.

“While we have noteworthy accomplishments, we have far to go on our transformation journey. However, our performance during the recent holiday quarter demonstrates that our modernization strategies are putting the Postal Service on an upward trajectory,” said Postmaster General Louis DeJoy. “We recorded revenue growth in the competitive shipping market, controlled costs more effectively and expanded our controllable operating margin. We expect to continue this progress as we further implement the Delivering for America plan and transform our organization to better serve the American public.”

The Postal Service’s Feb. 8 news release has additional information.

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