The USPS reported revenue of $17.5 billion in its quarterly report today, essentially unchanged compared to same quarter last year; a net loss of $2.1 billion; and a similar pattern of declining mail volume and increasing package volume.
“First-Class Mail revenue declined by $217 million, or 3.3 percent, on a volume decline of 576 million pieces, or 3.9 percent, compared to the same quarter last year. Marketing Mail revenue declined by $155 million, or 3.9 percent, on a volume decline of 959 million pieces, or 5.2 percent, compared to the same quarter last year. Meanwhile, Shipping and Packages revenue increased by $253 million, or 4.9 percent, on volume growth of 5 million pieces, or 0.3 percent, compared to the same quarter last year.”
Postmaster General and CEO Megan Brennan continued her call for legislative and regulatory reforms to address the USPS’s cost structure and to “enhance revenue-generating opportunities” in order to provide Americans with a financially sustainable Postal Service.
She may get some help, as some legislators are trying once again to pass what seems like the unpassable: postal reform.
US Representative Peter DeFazio introduced bipartisan legislation to end the prefunding mandate responsible for much of the losses reported by the Postal Service. The first provision of HR 630, Postal Service Protection Act reads:
“Fix the immediate fiscal problem of the Postal Service by ending the pre-funding mandate and allowing the Postal Service to recover pension overpayments. The Postal Service Protection Act solves the most immediate financial problem facing the Postal Service by eliminating the unique requirement that the postal service pre-fund 75 years of future retiree health benefits in just 10 years. No other agency or company in America is required to pre-fund its retiree health benefits, especially on such an aggressive schedule. Since 2007, this pre-funding mandate is responsible for about 80 percent of the Postal Service’s financial difficulties.”
You can take a look at the other provisions on DeFazio’s page on the House.gov website.
And you can find the USPS press release detailing today’s quarterly release on this page of USPS.gov.