May 8, 2020 / 1:09 PM / 17 days ago

BRIEF-U.S. Postal Service Reports Second Quarter Fiscal 2020 Results

May 8 (Reuters) -

* U.S. POSTAL SERVICE REPORTS SECOND QUARTER FISCAL 2020 RESULTS

* U.S. POSTAL SERVICE - COVID-19 VOLUME AND REVENUE IMPACTS AROSE LATE IN QUARTER

* U.S. POSTAL SERVICE - SIGNIFICANT FINANCIAL IMPACTS IN Q3 AND BEYOND ARE ANTICIPATED

* U.S. POSTAL SERVICE - Q 2 REVENUE OF $17.8 BILLION, AN INCREASE OF $348 MILLION COMPARED TO SAME QUARTER LAST YEAR

* U.S. POSTAL SERVICE - TOTAL OPERATING EXPENSES WERE $22.3 BILLION FOR QUARTER, AN INCREASE OF $2.8 BILLION

* U.S. POSTAL SERVICE - WORKERS’ COMPENSATION IN QUARTER INCREASED BY $2.2 BILLION DUE TO A SIGNIFICANT DECLINE IN INTEREST RATES

* U.S. POSTAL SERVICE - NET LOSS FOR QUARTER WAS $4.5 BILLION COMPARED TO A NET LOSS OF $2.1 BILLION FOR SAME QUARTER LAST YEAR

* U.S. POSTAL SERVICE - CONTROLLABLE LOSS FOR QUARTER WAS $792 MILLION

* U.S. POSTAL SERVICE - UNABLE TO PREDICT DURATION OF COVID-19 BUSINESS CLOSURES AND DURATION OF RECESSION CURRENTLY EXPERIENCING

* U.S. POSTAL SERVICE - CONTINUE TO CONSERVE CAPITAL AND REDUCE EXPENSES IN AREAS WHERE VOLUMES ARE DECLINING

* U.S. POSTAL SERVICE - PANDEMIC DID NOT HAVE SIGNIFICANT IMPACT ON FINANCIAL CONDITION IN Q2

* U.S. POSTAL SERVICE- QTRLY SHIPPING AND PACKAGES REVENUE INCREASED BY 7.1% ON A VOLUME INCREASE OF 12 MILLION PIECES, OR 0.8 PERCENT, VERSUS SAME QUARTER LAST YEAR

* U.S. POSTAL SERVICE - ANTICIPATE THAT BUSINESS WILL ‘SUFFER POTENTIALLY DIRE CONSEQUENCES’ FOR REMAINDER OF YEAR

* U.S. POSTAL SERVICE - COMPARED TO SAME QUARTER LAST YEAR, FIRST-CLASS MAIL REVENUE INCREASED BY $89 MILLION, OR 1.4 %

* U.S. POSTAL SERVICE - MARKETING MAIL REVENUE DECLINED BY $94 MILLION, OR 2.5 PERCENT, ON A VOLUME DECLINE OF 604 MILLION PIECES, OR 3.4 PERCENT FOR QUARTER

* U.S. POSTAL SERVICE SAYS IT IS ‘IMPERATIVE’ THAT CONGRESS AND ADMINISTRATION TAKE ACTION TO SHORE UP FINANCES OF POSTAL SERVICE

* U.S. POSTAL SERVICE - DOES NOT EXPECT PACKAGE REVENUE GROWTH OVER MEDIUM TO LONG TERM TO OFFSET LOSSES IN MAIL SERVICE REVENUE CAUSED BY COVID-19 Source text for Eikon:

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