The Postal Service reported a $2.1 billion net loss for the first quarter of fiscal 2024 — more than double its $1 billion net loss for the same period last year.
The first quarter accounts for the agency’s busy year-end holiday season. USPS ended last year with a $6.5 billion net loss, and expects to end this year with similar results.
Postmaster General Louis DeJoy, however, told the USPS Board of Governors on Thursday that, surveying nationwide changes to the agency’s delivery network, “I grow more confident in our ability to deliver to the nation a Postal Service whose best days are in the future.”
“We are in a race to a finish line that changes our financial and service trajectory before we run out of cash and require other means of funding,” DeJoy said at the meeting.
