Legal Statement. Nobody asks why the Department of Agriculture didn’t turn a profit last year. — Bloomberg (@business) August 17, 2020 The leaked documents, however, indicate that USPS does make a profit on Amazon shipments. A May report by the U.S. Government Accountability Office described the Postal Service's financial condition as "poor." All figures are for one fiscal year. Today, the U.S. Nov 29, 2012 | News | 0 . Newsroom › USPS Service Alerts › Forms & Publications › Careers › Site Index › ON USPS.COM. * As of September 30, 2019 **Mail bearing postage stamps — bill payments, personal correspondence, cards and letters, etc. The 18-wheelers were developed by startup company, TuSimple. That's not the point. Send Mail & Packages Convenient Domestic Shipping. Since then, it has lost $77.8 billion. If that had happened, then the Postal Service could — without any financial adjustments — have been in danger of running out of cash. Plus, you can schedule a USPS ® pickup from your home or office. Chart 1. If it doesn't put away any additional money by then, the USPS would still be able to fund its retiree benefits out of its excess cash flow for a while. Postal Service in Fiscal Year 2019 ($8.8 billion) is largely the result of external factors, not the normal operations of the agency. Yet the question of whether the Postal Service is a good investment is not the issue. as Reddit group causes mayhem, YouTube has paid out more than $30 billion to content creators over the past three years, Average US household now spends $47 a month on streaming services, Intel's Iris Xe desktop graphics cards are shipping to OEMs, Zen 3 scalpers made almost $1 million profit from 8,720 eBay sales, Crypto enthusiast installs mining rig in BMW's trunk "to annoy gamers". But that, too, is based on a projection of possible virus-related losses. August 20, 2020 / 7:03 AM For instance, you would need to have two different permits to mail presorted First-Class Mail and USPS Marketing Mail commercial mailings from the same office. TECHSPOT : Tech Enthusiasts, Power Users, Gamers, TechSpot is a registered trademark. Postal Service "have to" raise prices for delivering packages for Amazon. Not quite, at least not in the way that accountants normally calculate profit and loss. The 1993 law would have required taxpayers to provide the USPS a total of $1.2 billion over 42 years. The Postal Service also owes $11 billion to the Treasury and more than $59 billion in required but unpaid contributions to its employee pension and retiree-health funds. In 2006, Congress mandated that the USPS expense the potential cost of those benefits annually, even though, according to the May GAO report, the agency hasn't spent any money funding those future benefits since at least 2014. USPS year to date profit from operations reaches $1.4 billion. "If it wasn't for the retiree benefits, the Postal Service would be break-even, or perhaps even a little bit better," post office historian and policy analyst Christopher Shaw, told CBS MoneyWatch. The leaked documents, however, indicate that USPS does make a profit on Amazon shipments. Postal Services (USPS) fluctuated around 70 billion U.S. dollars. For the first nine months of its current fiscal year (which ends in September), the Postal Service lost $7.5 billion. Postal Service (USPS) ran a deficit of $3.9 billion. What's lost in the political furor is this: The Postal Service is on track to have its best year in more than half a decade — that's even after taking a severe financial hit, like businesses around the country, from the coronavirus. USPS posted a net income of $307 million in the first quarter of fiscal 2016, the first such gain since the fourth quarter of fiscal 2011. Excluding losses so far this year, the USPS last had a surplus in 2006. The first USPS Building Bridges Special Postal Cancellations was issued on May 29, 1996 in partnership with Dan DiMiglio, the USPS Manager of the Pacific Area, Corporate relations, at a special ceremony unveiling the Breast cancer research stamp in Contra Costa County. UPS annual gross profit for 2018 was $53.293B, a 5.33% increase from 2017. ON ABOUT.USPS.COM. Treasury to move forward with effort, Biden orders government to buy from U.S. manufacturers, Biden revokes Trump's transgender military ban, Postal Service pauses controversial changes, Sen. Cory Booker on DNC, USPS funding fight, Where to find the real "hi-filt" masks, and how to spot the fakes. In response, Pelosi told reporters on Tuesday, "I think it's really important for the American people to know this: When they talk about the Postal Service, they say 'Oh, they're losing money, we have to make this, this and this.' "Here you are interested in solvency and whether the Postal Service generates sufficient cash to fund its operations. USPS.com Home › Buy Stamps & Shop › Print a Label with Postage › Customer Service › Delivering Solutions to the Last Mile › OTHER USPS SITES. "What financial measure you look at depends on why you are looking," he said. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. Unfortunately, losses are the rule rather than the exception for the agency. The fact that the USPS can come close to profitability while charging only 55 cents to mail a letter across the country is nothing short of astounding. Still, he thinks Mr. Trump is right to raise concerns about the USPS' longer term financial viability. ***Includes Priority Mail, Priority Mail Express, First-Class Packages, Package Services, Parcel Return Service and Parcel Select. In Arizona, New Mexico, Nevada, California and Texas, about three-in-ten of them are Hispanic. But eventually it would have to either renege on benefits or get federal assistance. The USPS booked positive cash flow of nearly $2 billion in the nine months ending June 30, up from $1.3 billion in the same period a year ago. Use Click-N-Ship ® service to pay for postage and print a shipping label from your printer or at a Post Office ™ location. Postal Service lost money in six out of the 10 years from 2001 through 2010, according to its financial reports. The period between Thanksgiving and Christmas is the busiest time of the year for the USPS with the agency delivering an estimated 900 million packages during the period of 2018. ", First published on August 20, 2020 / 7:03 AM. The USPS had $13.3 billion in cash as of June 30, according to its most recent financial statement. Postal Service "has been failing for many decades." Meanwhile, Amazon has been building up its own logistics arm: in June last year, we heard that Amazon Logistics was delivering some 48 percent of its own packages. Nonetheless, “2004 and 2005 are the first two years that the USPS showed an actual profit since the Postal Service was reorganized in 1971,” says Strasser. There is no special form to fill out each year when renewing the fee Paying the annual mailing fee gives you permission to mail a certain class of mail from a certain postal facility for 365 days. Between the fiscal year of 2004 and 2019, annual revenue of the U.S. Postal Service (USPS) released its financial report for the 2017 fiscal year in which its leadership detailed a greatly concerning loss of $2.7 billion. Accounting expert Robert Willens, who runs his own consultancy, said net income is an especially important gauge for investors as a measure of whether the bottom-line value of an investment has gone up or down. But that 10 year period ended in 2016, so it can’t be blamed for current USPS woes. ICE Limitations. But, wait, there’s more… What if you couldn’t increase your pricing based on changing market conditions (such as rising fuel costs or competitive pressures)? Address that and its financial situation improves dramatically. But nearly all of those losses stem from how the Postal Service accounts for its pension and health care obligations. UPS annual gross profit for 2019 was $56.377B, a 5.79% increase from 2018. The income statement won't tell you that.". Copyright © 2021 CBS Interactive Inc. All rights reserved. The share of UPS and FedEx, who delivered fewer packages for Amazon, stayed the same at 16.5 and 1.6 percent, respectively. But it didn't. 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But that warning was based on a projection that the USPS' revenue would drop by $13 billion this year because of the coronavirus. USPS was profitable every year between 2003 and 2006, averaging a net income over two billion dollars.This is in stark contrast to its losses in 2001-2002 that averaged over a billion dollars. That was up from roughly $8.4 billion in mid-2019. President Trump recently criticized Amazon and CEO Jeff Bezos, claiming that USPS loses money whenever Amazon ships a package to a customer. Last month the Postal Service reported a loss of $2.2 billion for the second quarter of 2020. Yet the private shipping giant's cashflow has proved less resilient, falling 12% this year as the coronavirus pandemic slammed the economy. Meanwhile, the plan to eliminate Saturday service is dead. © 2020 CBS Interactive Inc. All Rights Reserved. Part of the reason for that jump, though, is that the Postal Service borrowed an additional $3.3 billion earlier this year. Behind on rent? Read full article. "The Postal Services' expected losses this year were not as bad as what people predicted," said Christopher Edwards, an economist at the libertarian think-tank Cato Institute. President Donald Trump tweets that the U.S. According to the information, USPS delivered 1.54 billion Amazon packages in the 2019 fiscal year, amounting to 30 percent of the company’s volume. While the ballot controversy is new, the financial problems are not. Other critics predict its demise. Earlier this year, the Postal Service Board of Governors asked for $25 billion in additional aid, but that was based on their earlier prediction of huge coronavirus-related losses, which has proved excessively dire. Ethics Statement Terms of Use Privacy Policy Change Ad Consent Advertise. z-index: 9901; } .load-wrap { Which is where pensions come in, or, rather, post-retirement benefits more generally speaking. In the first six months of 2020, the USPS' operations generated $2.3 billion in cash, an increase of $700 million from the year-ago period. In some cases, this income is quite significant – combined, it stands at $1.6 billion in profit (out of $3.9 billion in revenue) for the 2019 fiscal year. In June, the Postal Service updated its outlook to say that it could run out of money by the end of 2021. By 2002, the majority of Americans were already using email, yet USPS made a pretty penny in the years that followed. President Trump says the U.S. By the end of the decade, the semi-independent government agency's losses had reached a record $8.5 billion, forcing the Postal Service to consider seeking an increase in its $15 billion debt ceiling or face insolvency. January 16, 2021, 5:36 PM. How to apply for federal pandemic aid, $15 minimum wage a sticking point as Biden pushes COVID rescue plan, Post Master General Louis DeJoy suspended, California Privacy/Information We Collect. It's a service. The Postal Service's net losses include retiree pensions and health care, as well as other benefits. Powered and implemented by FactSet. WASHINGTON - The U.S. Revenue came to $69.6 billion, down from $71.5 billion last year. 1. June 2, 2014 postal, postal finances 24 Comments. The USPS quarterly operating profit of $1.3 billion, he added, “builds on back-to-back years of operating profits each exceeding $1 billion, without a dime of taxpayer money.” Last year, it delivered 142.6 billion pieces, a 31.4% decline. UPS annual gross profit for 2017 was $50.598B, a 5.19% increase from 2016. Seven months into the current fiscal year, the US Postal Service’s revenue exceeds its expenses by $1.353 billion. A lot — and its stash is growing. GameStop stock hits record high as Reddit group causes mayhem, The complete list of alternatives to all Google products, Ring rolled out end-to-end encryption for some of its cameras today, Customers can keep certain products under new retailer return policies, GameStop stock hits record high (again!) Notably, none of that is from cost-cutting. It’s interesting that Congress requires 100% funding for 75 years in advance for the USPS when,according to The Motley Fool,the U.S. Government is only 42% funded. "If you track it as a public service with a major universal mandate to deliver the mail to all citizens, the losses over time have been pretty consistent and not that big," Shaw said. Fiscal 2017 marked the first time in five years that the Postal Service failed to turn a profit on controllable operations. The post office has seen a surge in demand for package shipping, even as regular first-class mail has dropped. / MoneyWatch. In April, the Postal Service did warn that it could run out of cash by October. Willens said a better way to gauge the USPS' financial condition is to look at its cash flow, which tracks how many dollars are going in and out of a company (or in this case a semi-detached arm of the government). In May 2019, the Postal Service announced that it will be releasing a pilot of self-driving trucks to haul mail across the U.S. That was up from roughly $8.4 billion in mid-2019. Market data provided by ICE Data Services. To be sure, the USPS faces real challenges. Instead, revenue for the Postal Service has risen more than $500 million in the past nine months, driven by a 20% jump, or $3.4 billion, in sales from shipping packages that has more than offset the drop in first-class mail. A report by the USPS inspector general hinted that the USPS might declare that sum as a loss. UPS gross profit for the twelve months ending September 30, 2020 was $61.221B, a 10.62% increase year-over-year. USPS makes profit in October, predicts 50% cut in losses this year. Last year, USPS reported total losses of $8.5 billion—but without the pre-funding and work-ers’ compensation adjustments, the shortfall would have been a more modest $374 million. House Speaker Nancy Pelosi has called a vote this weekend on legislation that would deliver $25 billion in emergency funding for the Postal Service. In fact, the USPS annual report detailed not only challenges but also several highly positive trends. © 2021 TechSpot, Inc. All Rights Reserved. Part of … News provided by The Associated Press. But lawmakers skipped or cut the payments for four years, leaving the USPS with a $1.6 billion IOU. It's not a business. USPS year to date profit from operations reaches $1.4 billion. Trump also claimed that USPS “have to” raise their prices for delivering packages for Amazon. But it's not clear where that figure comes from. The United States Postal Service reported Feb. 9 “controllable income” of $522 million for the first quarter of fiscal year 2017, which ended Dec. 31. By comparison, between December and May FedEx brought in $3 billion. Despite the USPS' improving financial condition this year, its long-term retiree benefit obligations — at over $60 billion — are large and growing. Despite a solid 1.5 percent rise in revenue compared to last year, USPS reported an operating loss of $1.951 billion. That was up from a loss of $5.9 billion in the same period the previous year. What's more, the USPS was already authorized to get an additional $10 billion earlier this year under the Coronavirus Aid, Relief and Economic Security Act, which it has yet to tap. The bulk of those benefits won't be owed for a long time. Expenses are actually up $2 billion, or just under 3%, in the past nine months due in part to an increase in paid sick leave as a result of the pandemic, as well as the purchase of personal protective equipment and other services to keep workers safe. The basic issue is that revenue … Dec 10 The USPS reported a loss of $2.3 billion loss in the most recent quarter, with pre-funding health-care retiree obligations as a major factor. At the time, the USPS’s contribution had dropped from 60 percent to 35 percent. Postal Service reported operating revenue of $71.1 billion for fiscal year 2019 (October 1, 2018 - September 30, 2019), … If the USPS was a private sector company, that would translate to a pretty healthy profit. USPS records its first quarterly net profit in five years, but warns losses are not over. Last year, the U.S. Statement of NALC President Fred Rolando On USPS Financial Results for FY 2019 The large loss posted by the U.S. USPS says it's removing mailboxes and suspending mail collection in several major cities ahead of Biden's inauguration . This shows the need for policymakers to address two public policy issues – the stamp price rollback and the congressional mandate that USPS prefund future retiree health benefits decades into the future. Want to save time and ship from home? When might you get Biden's $1,400 stimulus check? Based on that, the Postal Service is a cash cow, generating a total of $13.5 billion over the past five years. Sarah Al-Arshani. USPS chief financial officer Richard Strasser attributes the decline in profit to rising costs that the Postal Service cannot compensate for via quick price changes. He also points out that until 1970, no one expected the Postal Service — never a for-profit enterprise — to break even. June 2, 2014 postal, postal finances 12 Comments. Email adoption numbers simply don’t correlate with USPS’s downturn in business. USPS has become a focal point for Congress and the 2020 election https://t.co/sCnjaLeWXv pic.twitter.com/OBMxnYS1rl. "I think growing losses at the Postal Service is a problem that is not going to go away.". If the USPS was a private sector company, that would translate to a pretty healthy profit. These five charts depict the immensity of USPS’s financial challenges. History. The US Postal Service made a $61m profit in October, and even achieved 5.6% growth in its mail and services revenues compared to the same month last year. On Tuesday, Post Master General Louis DeJoy suspended what he said were "longstanding operational initiatives" meant to cut costs at the USPS. The upshot: Much of the tens of billions of dollars in net losses that the Postal Service has racked up in the past decade are paper losses — not cash expenditures. In Congress, the future of the USPS — including its vital role this November in handling what's expected to be a tide of mail-in ballots — has become yet another partisan firing line. The U.S. The information comes from internal emails and financial statements obtained by the American Oversight watchdog group and shared in a report from the Washington Post. Seven months into the current fiscal year, the US Postal Service’s revenue exceeds its expenses by $1.353 billion. But the GAO does note that the money the Postal Service has set aside to fund its retiree benefits will run out by 2030. However, the last year the Postal Service recorded any profit was 2006, and its cumulative losses since then totaled $83.1 billion as of March 31. All this red ink has flowed despite USPS’s aggressive move [1] into the parcel delivery business. The USPS had $13.3 billion in cash as of June 30, according to its most recent financial statement. 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