WASHINGTON (Reuters) – The U.S. Postal Service on Friday said it lost $4.5 billion in the quarter ending in March, more than double its loss over the same period last year, and warned COVID-19 could severely hurt its finances over the next 18 months.
The agency said its revenues rose $348 million to $17.8 billion, but noted that rising workers compensation costs in the quarter increased its expenses.
The Postal Service’s Board of Governors meets on Friday at a critical juncture as it faces accusations from the White House that it charges package shippers such as Amazon.com Inc too little and as the new coronavirus could cut its revenue by about $13 billion this year.
(Reporting by Chris Sanders; editing by Jonathan Oatis)