Total operating expenses were $19.3bn for the quarter, an increase of $797m (4.3%), when compared to the same period last year. Excluding costs impacted by actuarial revaluation, discount rate changes, and amortisation of unfunded liabilities, which are outside of management’s control, expenses increased by $218m, a year-on-year increase of 1.2%.
The net loss for Q3 2019 totalled $2.3bn, an increase of $767m, compared to a net loss of approximately $1.5bn in Q3 2018. Controllable loss for the quarter was nearly $1.1bn, compared to a controllable loss of $889m for the same quarter last year.
In terms of segments; First-Class Mail revenue declined by $98m (1.6%), on a volume decline of 361m pieces (2.7%), compared to the same quarter last year. Marketing Mail revenue declined by $121m (3.0%), on a volume decline of 878m pieces (4.7%). Periodicals revenue declined by $38m (11.2%), on a volume decline of 173m pieces. Meanwhile, Shipping and Packages revenue increased by $250m (4.8%), despite a volume decline of 47m pieces (3.2%).
“We continue to face imbalances in our business model that must be fixed through legislative and regulatory change. As we work to effectuate that change, we continue our ongoing aggressive management actions, and remain focused on delivering for the American public, and meeting their evolving business and residential needs,” said Postmaster General and Chief Executive Officer Megan J. Brennan.
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