WASHINGTON — The Postal Service on Monday reported a net loss of $2 billion in the third quarter, up from a net loss of $740 million over the same period last year, postal officials said.
But the service did report operating revenue of $16.5 billion, a $327 million increase over the same period in 2013. Post office officials attribute the growth to an increase in mail prices, new sales and marketing initiatives as well as continued growth in its shipping and packaging business.
Total mail volume was down slightly for the quarter, 37.7 billion pieces of mail compared with 37.8 pieces over the same period last year. Shipping volume was up 7.7 percent and standard mail — also referred to as "junk' mail — was up nearly 1 percent.
First class mail volume, the main source of revenue for the post office was down 1.4 percent, but that was offset by the price increase.
Because of the net loss, the postal service said it would not be able to meet a $5.7 billion payment for its future retiree health care fund. The payment is due Sept. 30. A 2006 law requires the service to fund its future retirees' health benefits, amounting to a $5 billion payment each year. The post office attributes its continuing debt to those payments.
The Postal Service has not made any of its health care payments over the last three years, and postal officials have called on Congress to pass legislation that will help reduce the burden of financing health care benefits in advance and overhaul its business model.
Bills are pending in the House and Senate, though it is unclear whether Congress will pass legislation before the election.
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