WASHINGTON (AP) — The U.S. Postal Service says it lost $200 million during the year-end holiday season, despite a strong quarter of package shipping and expanded use of vote-by-mail in the November presidential election.
The results also reflect continued erosion in the delivery of first-class mail as well as expensive mandates for funding of its retiree health care obligations.
The post office’s Thursday report shows earnings of more than $1.4 billion between October and December 2016. But when effects of a $1.7 billion change in workers’ compensation liability due to fluctuating interest rates are excluded, the service says it lost money overall.
Operating income came to $522 million, down from $1.3 billion in the previous year.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.