U.S Postal Service Reports Second Quarter Fiscal 2021 Results.

WASHINGTON: The U.S. Postal Service today announced its financial results for the 2021 second quarter ended March 31, reporting a net loss of $82 million, compared to a net loss of approximately $4.5 billion for the same quarter last year, as a pandemic surge in demand for package deliveries was not enough to offset increased operating costs and a decline in revenue from mail services.

Excluding non-cash workers' compensation adjustments for each period, the loss for the 2021 second quarter would have been approximately $1.7 billion, compared to a loss of approximately $1.9 billion for the same quarter last year.

The quarter included the March 23 release of the Postal Service's 10-year plan, Delivering for America, which aims to deliver service excellence and a return to financial sustainability while maintaining universal six-day mail delivery and expanding seven-day package delivery. The plan also calls for investments in technology, training, Post Offices and a new vehicle fleet; modernizing our processing network; adopting best-in-class logistics practices across delivery and transportation operations; creating new revenue-generating offerings in the rapidly expanding e-commerce marketplace; pricing changes as authorized by the Postal Regulatory Commission; and legislative action, including Medicare integration. The entire plan can be found at: https://about.usps.com/what/strategic-plans/delivering-for-america/assets/USPS_Delivering-For-America.pdf.

"With our Delivering for America plan, the Postal Service will become a growth-oriented, high-performance organization that operates with greater precision, achieves 95 percent on-time delivery, and does so at a lower cost to serve," said Postmaster General and Chief Executive Officer Louis DeJoy. "As we undertake this transformation - for the benefit of our customers, employees and the American public - we will operate and invest as a going concern with service excellence, a bright future of growth and financial sustainability."

The Postal Service reported total revenue of approximately $18.9 billion for the second quarter of fiscal 2021, an increase of approximately $1.1 billion, or 6.0 percent, compared to the same quarter last year.

As a result of the pandemic, and to a lesser extent, secular mail declines, the Postal Service's sales from mail services, its largest sales category, continued to decline during the second quarter. Compared to the same quarter last year, Marketing Mail...