USPS announces third quarter financial results for fiscal year 2022! Loss of $459 million!

It is learned that according to foreign media reports, USPS recently announced its financial results for the third quarter of fiscal year 2022 (April 1, 2022 to June 30, 2022). The financial report shows that the company's operating income increased this quarter, but losses continued because American consumers' interest in online shopping has subsided under high inflation, and demand for parcel services has declined.

In the second quarter, USPS revenue was $18.741 billion, a year-on-year increase of 1.4%; the adjusted loss was $459 million, higher than $41 million in the same period last year; net income was $59.7 billion, compared with a net loss of $3 billion in the same period last year.

In addition, USPS's parcel service revenue in the second quarter was US$2.334 billion, a year-on-year decrease of 1.1%; the number of parcels reached 874 million, a year-on-year decrease of 0.7%.

Specifically, compared with the same period last year, USPS marketing mail revenue in the second quarter decreased by US$324 million (-9.4%), and sales volume decreased by 545 million pieces (-3.5%); First-Class Mail revenue was basically flat, but sales volume decreased by 620 million pieces (-5.1%); transportation and package revenue decreased by US$85 million (-1.1%), and sales volume decreased by approximately 92 million pieces (-5.0%).

It is worth noting that in this quarter, the average delivery time for USPS First-Class Mail was 2.5 days, a 7% increase from 2.7 days in the same period last year. In terms of on-time delivery methods, 93.3% of first-class mail was delivered on time this quarter, a 5.4% increase from the same period last year.

USPS CEO Louis DeJoy said that the strong on-time delivery performance and revenue growth this quarter show that USPS has made significant progress in providing quality services to customers. However, USPS still has a long way to go in achieving profitability, but USPS believes that it will be able to achieve its set goals.

It is learned that USPS's key initiatives in the second quarter include: expanding package processing capacity, improving operational efficiency, and launching USPS Connect e-commerce services. This new service provides an accelerated agreement process, integrated Postal Service or PC Postage software, and is designed to help sellers simplify pricing and shipping processes, as well as provide customers with discounts.

Editor ✎ Nicole/

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