The U.S. Postal Service reported Thursday a fiscal 2019 net loss that more than doubled $8.81 billion, from $3.91 billion a year ago. The USPS said about $3.4 billion of the increased losses were a result of discount rate changes on actuarial calculations affecting workers' compensation expense. The "controllable" loss, which excludes items outside of management control, such as workers compensation expenses and discount rate changes, increased to $3.42 billion from $1.95 billion. Revenue rose 0.7% to $71.14 billion, even though volume declined 2.6% to 142.57 billion pieces, as price increases and growth in the shipping and packages business offset weakness in the first-class and marketing mail businesses. Operating expenses increased by $5.4 billion, or 7.3%, to $79.9 billion, including a $3.5 billion jump in workers compensation expense, a $994 million increase in contractual wage increases and a $320 million rise in retirement benefits expenses. "We continue to adjust to declining mail volume and remain focused on leveraging our unique and unrivaled network to gain new customers and grow profitable revenue in the increasingly competitive package business," said Postmaster General Megan Brennan. "However, revenue growth in our package business will never be enough to offset imbalances in the Postal Service's business model, which must be addressed through legislative and regulatory reforms in order to secure a sustainable future."
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