The U.S. Postal Service® reported its total revenue for the first quarter of the fiscal year 2020 (October 1, 2019 – December 31, 2019). The total revenue was $19.4 billion, a decrease of $363 million, or 1.8 percent, compared to the same time-frame last year.
Here is a more in-depth look:
- First-Class Mail® – Revenue declined by $168 million, or 2.5% with a volume decrease of 571 million pieces, or 3.8%.
- Periodicals – Revenue decreased by $24 million, or 7.7%.
- Marketing Mail™ – Revenue declined by $254 million, or 5.4% with a volume decrease of 1.7 billion pieces, or 7.9%.
- Shipping and Packages – Despite a volume decline, revenue increased by $146 million, or 2.3%. Volume decreased by 84 million pieces, or 4.6%.
“We demonstrated once again the power of our unrivaled network and our ability to provide solutions for our customers while growing package volumes during our peak period. Package revenue for the quarter grew by $146 million. However, overall volumes and mail revenues for the quarter were down, and we continue to face systemic profitability challenges due to our restrictive business model and mandated costs,” said Postmaster General and CEO Megan J. Brennan. “We will continue to aggressively pursue opportunities to generate profitable revenues and drive greater operational efficiencies under our current structure, while also seeking legislative and regulatory reforms to allow the Postal Service™ to better invest in our business, compete for customers, control our costs and serve the evolving needs of the public.”
For the first quarter of fiscal year 2020, total expenses came down to approximately $1.1 billion due to the decrease in work hours, compensation, and benefits expenses, declining by $190 million.
You can find more information on the Postal Service’s financials here.
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