United States Postal Service Reports (1st) First Quarter fiscal 2019
The United States Postal service reported a total revenue of about $19.7 billion for first quarter of the fiscal 2019, which is an increase of about $533 million or about 2.9 percent, about the same quarter previous year. The First class Mail revenue was able to decline by $81 million or 1.2% on the volume growth of about 1.0 billion pieces or even 4.8% about a similar quarter last year. Shipping, as well as packaging, has gone on and increased by $516 million or an estimated 8.7% percent on the volume growth of 93 million pieces or even 5.4% about same quarter last year.
The total operating expenses were $21.2 billion for quarter, which is an increase of about $1.6 billion or even 7.9 percent when compared to same quarter last year. Excluding impact of about
$621 million, the non-cash workers compensation expense increasing the results from mainly the changes in interest rates and the actuarial assumptions, the operating expenses would have been the $20.6 billion for a quarter, which is an increase of $939 million or an estimated 4.8%, in relation to same quarter last year, Remaining operating expense increase was mainly directed by the increase in compensation and the benefits of about $657 million due to the additional hours and the contractual wage adjustments, as well as the transportation costs of about $207 million, due to the higher fuel costs and the highway contract rate of the inflation.
The net loss for a quarter got to a total of $1.5 billion, which is an increase in the net loss of a close to $1.0 billion compared to the same quarter previous year. The Postmaster General by the name Megan J Brennan said that they have continued to drive the growth in the package business and expanded use of marketing mail channel during that quarter. But, he emphasized that they have continued to face ongoing financial challenges. The firm has continued on aggressive management of business, legislative reform as well as pricing system reform, all of which have become necessary to be able to put Postal Service on the firm financial footing. The country has been lucky to get served by a very financial sustainable Postal Service which can invest in the future and meet evolving mailing as well as shipping the needs of American People.
Controllable loss for quarter was about $103 million when compared to the controllable income of about $353 million for same quarter last year.