Postal Service reported Friday that losses for fiscal 2020 widened to more than $9 billion even as revenue rose, given a drop in demand … Similar to the last several years, the Postal Service was unable to make the $6.9 billion in payments that were due to the federal government at the end of fiscal year 2018 to pre-fund pension and health benefits for postal retirees, without putting its ability to fulfill its primary mission at undue risk. The net losses at the Postal Service grew by leaps and bounds in fiscal year 2019 according to the agency’s latest financial results. It reported a net loss for the year of $3.9 billion, $1.2 billion more than its loss in the previous year.It also lost money in each quarter in FY 2018. Postal Service (USPS) crates sit on the floor at the Brookland Post Office in Washington, D.C., U.S. No customer data was stolen in a recent data breach, USPS officials say. ET First Published: Nov. 13, 2020 at 12:18 p.m. Tuesday, August 13, 2019. The Post Office has been hit by two strikes this year. JOHANNESBURG - The SA Post Office (Sapo) continues to bleed with the entity posting another financial loss of R978 million in the last financial year, however, showing a … Revenues did climb to $71.1 billion from $70.6 billion in 2018, but first-class and marketing mail fell by 3.1 percent and 2.1 percent, respectively. https://www.pbs.org/newshour/nation/u-s-postal-service-marks-11-straight-years-of-financial-loss, “Our financial results will continue to deteriorate and likely at an accelerated rate.”, U.S. The U.S. ***Includes Priority Mail, Priority Mail Express, First-Class Packages, Package Services, Parcel Return Service and Parcel Select. Jan 06 The Postal Service has now recorded its 12th straight year of net losses with the announcement of its FY 2018 financial results. It cannot cut these benefits without congressional approval. Prentice Capital was up 15.3% net last month, bringing its year-to-date gain to 49.4% net. To avert bankruptcy, the post office has defaulted on the multibillion-dollar health prepayments each year since 2012. The Postal Service reported a net loss for the year of $2.7 billion, a decrease in net loss of $2.8 billion compared to 2016. Postal Service (USPS) is in great financial trouble, and its ability to deliver ballots in the upcoming election has turned to some extent on the fact. The Postal Service's net losses include retiree pensions and health care, as well as other benefits. Postal Service reported a Friday that losses for fiscal 2020 widened to more than $9 billion even as revenue rose, given a drop in demand … ET ... Congress is the key to a reduction is post office locations. insidesources - Feb 7, 2017, 5:55 pm ... Last year marked ten consecutive years of losses. The agency said Friday it was in the red for 2010. It’s not known by how much. The battle over the current financial state of the USPS is, among its most important aspects, whether millions of Americans can vote by mail. Jimmy and Rosalynn Carter won’t attend Biden’s inauguration, By Zeke Miller, Jill Colvin, Associated Press, By Steve Peoples, Bill Barrow, Russ Bynum, Associated Press. The results marked the 13th consecutive year … * As of September 30, 2019 **Mail bearing postage stamps — bill payments, personal correspondence, cards and letters, etc. It has 31,322 USPS-managed retail post offices. Revenue during the quarter increased 1.4% to $17.40 billion. The control of its operating cost structure less so. To become financially stable, the Postal Service is also urging Congress to provide it relief from the mandate to prefund retiree health benefits. In the most recent quarter, the USPS lost $2.2 billion on $17.6 billion of revenue. Overall, the post office had operating revenue of $65.2 billion in fiscal 2012, down $500 million from the previous year. © 1996 - 2021 NewsHour Productions LLC. After losing $1.5 billion in the first quarter of the current fiscal year, the Post Office has now lost $3.6 billion in just six months. The results marked the 13th consecutive year the mailing agency lost … The agency is anticipating a loss of $13 billion in revenue this fiscal year due to the crisis and another $54 billion in losses over 10 years. There have been attempts to measure how many post offices there need to be by population count. Jan 05 The US Postal Service reported a loss of $3.9 billion for fiscal year 2018, despite growth in its shipping and packaging business.. With the holiday season approaching, Brennan said, the Postal Service added hours to include early morning and evening package deliveries and was expanding service on Sundays. Insufficient cost savings: The savings from USPS cost-reduction efforts have dwindled in recent years. This reduction allows the Postal Service to continue to reduce interest costs. In its last complete fiscal year, the USPS had 496,934 career employees. The Post Office Is on Pace for Its Worst Year since 2012 Default. Still, its parcel success hasn’t translated to profits. Postal Service reported a financial loss Tuesday for the 11th straight year, citing declining mail volume and costs of its pension and health care obligations even as it predicted another strong holiday season of package deliveries. The U.S. Former defense secretary urges top brass to resign or resist questionable Trump orders, Read The Post Office’s problems are business-wide, because its expenses keep exceeding revenues. MYTH: The Post Office is required to fund pensions in advance in a manner applies to no other private-sector company. ... Key Republicans whose rural constituents are especially reliant on the post office support the idea. The quarterly net loss shrank to $2.2 billion from $2.3 billion in the same quarter last year. Since then, it has lost $77.8 billion. “The Postal Service continues to win e-commerce customers, grow our package delivery business and increase market share,” Brennan said, attributing its strength in part to affordable pricing compared to rivals UPS and FedEx. As planned, the Postal Service reduced its debt level during 2019 by $2.2 billion, finishing the year with $11.0 billion in debt outstanding. USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year 2018) have grown to double its annual revenue. Postal Service posted a net loss of approximately $5.6 billion for fiscal year 2016 (October 1, 2015 - September 30, 2016), as compared to a $5.1 billion net loss for the year ended September 30, 2015. Of this decline in net loss, $2.4 billion was the result of changes in interest rates, outside of management's control, that reduced workers’ compensation expense compared to last year. The president wants you to know that the United States Postal Service is “a loser.” “We lose $3 and $4 a package on average. Jan 05 WATCH: Raphael Warnock speaks on Georgia Senate runoff, Read It has another 136,174 non-career employees. Losses more than doubled at the US Postal Service in the first three months of the year to $1.3 billion. Since then, it has lost $77.8 billion. That was better than a $5.6 billion loss in the prior year but was mainly due to fluctuations in interest rates that reduced workers’ compensation expenses. All Post Office locations will open and resume regular mail delivery on Saturday, January 2, 2021. The price of a first-class stamp, now 49 cents, is slated to increase by one penny in January because of inflation. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. Thank you. Yet total retail offices dropped 4%, to 34,613. That positive cash flow came despite a large reported net losses — $7.5 billion the most recent nine months, up from a net loss of $5.9 billion in the year earlier period. The post office has seen a surge in demand for package shipping, even as regular first-class mail has dropped. Hope Yen, Associated Press. The Postal Service Lost $3.9 Billion Last Year Despite a $1 billion increase in revenue, unsustainable personnel costs pushed USPS' losses to such great heights. Among the questions that have been asked, but never fully answered by the USPS or any large outside research organization, is whether this number of employees and this number of postal offices are needed to deliver mail in as timely a fashion as it has for decades. Lawmakers on Saturday are expected to vote on a bailout for the US Postal Service, which, on paper, has been posting huge losses for years. A new analysis explains just how much the USPS benefits from the subsidies it receives from the federal government. Postal Service lost $8.8 billion in fiscal 2019, more than doubling its losses from the previous year. ... P.O. The U.S. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. The post office handles more than 140 billion pieces of mail a year, according to the GAO. The U.S. By. It has lost money in each of the past 13 years. The massive overhang of benefit costs has been of its control. Postal Service began in 2020 with a dubious track record. Losses could top $20 billion in two years. To some extent, the USPS has been dragged under financially in ways private sector companies would not be. Continue Reading Below Total net loss was $8.8 billion in 2019, the company announced in a press release Thursday. Clearly, there is also a longer-term financial structure problem that has to be addressed as well. Revenue came to $69.6 billion, down from $71.5 billion last year. Postal Service Net Income/Loss By Year . Trump insists that Pence can decertify results, Watch The United States Postal Service (USPS; also known as the Post Office, U.S. Mail, ... At which, PMG Potter testified that by the year 2020, the USPS cumulative losses could exceed $238 billion, and that mail volume could drop 15 percent from 2009. Postal Service says it lost $5.1 billion last year as a weak economy and increased Internet use drove down mail volume. For the first nine months of its fiscal year, it lost $7.4 billion on $54.8 billion. U.S. “The net loss for the quarter declined to $562 million from a $2 billion net loss a year ago, as the Postal Service benefited from declines in operating expenses outside of management’s control,” the report states. Few if any Congress members want to have post offices in their districts closed. This marks 13 years of consecutive losses for the USPS, totaling $77.8 billion. The U.S. Congress is the key to a reduction is post office locations. Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else. The government-sponsored mail carrier has now recorded a combined $62.4 billion in losses over the last 10 years. WATCH LIVE: Congress holds joint session to confirm Electoral College vote, Read The session was also dominated by the fiscal 2019 year results, which showed a net loss more than double the $3.9 billion loss recorded in fiscal 2018. But in reality, the agency is generating billions in cash. 2019 - $8.8 billion loss; 2018 - $3.9 billion loss; 2017 - $2.7 billion loss; 2016 - $5.6 billion loss; 2015 - $5.1 billion loss; 2014 - $5.5 billion loss; 2013 - $5 billion loss; 2012 - $15.9 billion loss; 2011 - $5.1 billion loss; 2010 - $8.5 billion loss; 2009 - $3.8 billion loss; 2008 - $2.8 billion loss; 2007 - $5.1 billion loss Blue collection boxes will be serviced on New Year’s Eve, Thursday, December 31. So, is the USPS losing something it could have controlled? Postal Service’s financial straits could disrupt daily mail delivery, Postal Service may get more freedom to raise stamp prices, Dog attacks of U.S. postal workers highest in three decades, WATCH LIVE: Congress holds joint session to confirm Electoral College vote, WATCH: Raphael Warnock speaks on Georgia Senate runoff, Trump insists that Pence can decertify results, Former defense secretary urges top brass to resign or resist questionable Trump orders, Jimmy and Rosalynn Carter won’t attend Biden’s inauguration, No winners yet in close Georgia Senate runoffs as vote count continues, Georgia counting votes in runoffs that decide Senate control, Grammy Awards shift to March due to pandemic conditions, Eric Jerome Dickey, bestselling novelist, dead at 59. Nevertheless, the post office has managed to significantly decrease losses since last year. The U.S. The management of the USPS has argued persuasively for years that is financial viability is severely damaged by payments that must be made to pension plans and retirement health plans. Jan 05 The volume of its most profitable product, first-class mail, fell 1.4 percent as more people communicate electronically, but the temporary rate increase helped offset the losses by bringing a 3.2 percent rise in revenues for that product. The post office had an even larger loss than expected last year -- $8.5 billion. Post Office. “There are 7.5 million private sector jobs that depend on the postal system, and these jobs are at risk unless Congress takes action on postal reform.”, Left: Photo by Andrew Harrer/Bloomberg via Getty Images, Read Earlier estimates had put the loss at $6 billion to $7 billion. WASHINGTON – After accounting for a $5.8 billion retiree health benefit prefunding obligation, the U.S. Controllable loss for the year was $3.4 billion, an increase of $1.5 billion … Jan 05 Customer visits fell from 1.06 billion in 2010 to 812 million last year, down 23%. The post office lost $153 million last year and $276 million in 2018. Without help, “our financial results will continue to deteriorate and likely at an accelerated rate,” said Postmaster General Megan J. Brennan. USPS has lost $69 billion over the past 11 fiscal years—including $3.9 billion in fiscal year 2018. The Postal Service, an independent agency, is trying to stay financially afloat as it seeks to invest billions in new delivery trucks to get packages more nimbly to American homes. The losses followed combined pre-tax profits of $388 million in the period from 2014 to 2017. The White House wants to control losses, which means its ability to deliver ballots on time will be deeply compromised. Australia Post boss Christine Holgate has warned losses for the company's letter business could double in the current financial year and force the postal service to … From fiscal year (FY) 2007 through FY 2018, the USPS’s net losses totaled $69 billion. The past fiscal year yielded a $1.2 billion operating profit for the U.S. Hope Yen, Associated Press Post Office Expects $9 Billion Loss This Year, Will Prioritize Mail-in Ballots Before Election Day Postmaster Louis DeJoy told members of Congress that the post office … Overall net loss for the year: $8.8 billion. Others have looked at how many post offices are within five miles of one another. While the ballot controversy is new, the financial problems are not. WASHINGTON — The beleaguered U.S. A wildcat strike broke out in February and March and resulted in revenue losses of R100m. The commission might limit how high prices could go, but the cost of a first-class stamp could jump. “These numbers are beyond troubling,” said Art Sackler, manager of the Coalition for a 21st Century Postal Service, a broad trade group that includes mailers such as Amazon and the National Retail Federation. It pleaded for more freedom to raise stamp prices to help keep pace with consumer demand for ever-quicker deliveries from online shopping. The 2017 loss came after a double-digit increase in package delivery was unable to offset drop-offs in letter mail, which makes up more than 70 percent of total postal revenue. USPS said quarterly revenue rose to $17.6 billion, up $547 million. The agency is anticipating a loss of $13 billion in revenue this fiscal year due to the crisis and another $54 billion in losses over 10 years. The U.S. Post Office Counters Ltd was created as a wholly owned subsidiary of the Post Office corporation in 1986. The U.S. Benefits are not the only issue. Mail volume fell by roughly 5 billion pieces, or 3.6 percent, as people in the digital age rely more on email for online bill payments. And Congress has not given that permission and is unlikely to do so. More On This Topic The United States Postal Service on Friday reported a net loss of nearly $2.3 billion for the third quarter of fiscal year 2019, putting it on pace to lose nearly $8 billion in 2019. After the Post Office statutory corporation was changed to a public company, Royal Mail Group, in 2001, Post Office Counters Ltd became Post Office Ltd. Post Office Ltd has in recent years announced losses; a reported £102 million in 2006. Post Office. Excluding losses so far this year, the USPS last had a surplus in 2006. Postal Service took a revenue hit this year. This past year, USPS reported a $2.7 billion loss. Congressional Democrats want to pass legislation that could give the USPS $10 billion of support now and $15 billion over the next several years. Overall, the post office had operating revenue of $65.2 billion in fiscal 2012, down $500 million from the previous year. All figures are for one fiscal year. All Rights Reserved. The waste, fraud, and inefficiency of DOD far exceeds the operating losses of the Post Office. Much of Congress wants to give the USPS the capital it needs to operate at its traditional level of service. Australia Post today announced group revenue for first half of $3.8 billion, up four per cent year-on-year. A view shows U.S. postal service mail boxes at a post office in Encinitas, California, February 6, 2013. The government-run U.S. The controllable loss for the year was $2.0 billion, an increase of $1.1 billion. Post office’s losses widen to $9 billion this year as election boost fails to offset drop in mail demand Last Updated: Nov. 14, 2020 at 8:42 a.m. The US Postal Service reported a loss of $3.9 billion for fiscal year 2018, despite growth in its shipping and packaging business.. In 2019, USPS made $514 million more in revenue than it did in its previous fiscal year, thanks to increases in postage rates and its package delivery business. Investors, for instance, can expect parcel-shipping rates to rise further as the post office tries to limit losses by controlling what it can. USPS Blue Collection Boxes. In the year-ago period, it had a profit of $12 million. “We cannot generate enough revenue or cut enough costs to pay all of our bills.”. Please check your inbox to confirm. Overall, the post office had operating revenue of $65.2 billion in fiscal 2012, down $500 million from the previous year. Legislation in 2006 required the Postal Service to fund 75 years’ worth of retiree health benefits, something that neither the government nor private companies are required to do. The U.S. Analysts have cheered the Postal Service’s promise in the digital age. Post Office Urges Legislative Reforms to Reverse Massive Losses. Shipping and package revenue jumped 6.6 percent, compared with the same period last year. Learn more about Friends of the NewsHour. New Year’s Day, Friday, January 1, is a Postal holiday. But that's not Amazon's fault. More than 500 workers were dismissed. The annual losses the post office … Michael Zimmerman’s Prentice Capital is having a strong year. Postal Service on Friday said its losses more than doubled to $4.5 billion in the quarter ending in March and warned the economic slowdown spurred by the spread of COVID-19 could severely hurt its finances over the next 18 months. Subscribe to ‘Here's the Deal,’ our politics newsletter. Excluding losses so far this year, the USPS last had a surplus in 2006. The answer is both yes and no. That was up from a loss of $5.9 billion in the same period the previous year. Revenue from mail services, the most profitable part of revenue has been hit by the spread of COVID-19 and a drop in “secular” mail services were the primary reasons for the large losses. The Postal Service projects the delivery of 15.5 billion cards, letters and packages from Thanksgiving to New Year's Eve—including a record 600 million packages. The USPS announced in its fourth quarter financial statement that in FY 2019, it ran an $8.8 billion deficit, a 125 percent increase compared to FY 2018. The Postal Regulatory Commission will issue a decision in the coming weeks that could give the Postal Service more flexibility to raise prices beyond the rate of inflation, marking the biggest change in its pricing system in nearly a half-century. More recently, it began a pilot program this holiday season to provide cheap next-day service with packages delivered Sundays to people’s homes. Post Office locations are closed New Year’s Day. 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