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USPS Q3: net loss of $2.5 billion
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Post & Parcel
Controllable loss, which excludes certain expenses that are not controllable by management, was $1.0 billion for the quarter, compared to controllable loss of $1.6 billion for the same quarter last year.
Net loss for the quarter under generally accepted accounting principles (GAAP) totaled $2.5 billion, compared to $3.1 billion for the same quarter last year.
This $562 million decrease is attributed to an operating revenue increase of $1.1 billion along with a decrease in workers’ compensation of $416 million.
Total operating revenue was $19.9 billion for the quarter, an increase of $1.1 billion, or 6.1 percent, compared to the same quarter last year.
The pension obligations will have to be eventually satisfied, therefore these measures cannot represent long-term solutions for the Postal Service.