USPS retreats from dire financial forecast

Washington Postal Scene by Bill McAllister June 25, 2020 The United States Postal Service has officially retreated from its dire financial forecast saying that it would be out of cash by June. The new forecast, given to mailer associations June 22, is actually two forecasts, according to Stephen Kearney, executive director of the Alliance of…

 Continue reading

USPS Reports Second Quarter Fiscal 2020 Results

Revenue of $17.8 billion, an increase of $348 million compared to same quarter last year COVID-19 volume and revenue impacts arose late in the quarter; significant financial impacts in the third quarter and beyond are anticipated We thank our employees and continue to prioritize their health and safety as they serve the nation The U.S….

 Continue reading

USPS: Increase in net loss of $4.9 billion for FY 2019

The Postal Service has reported its financial results for fiscal 2019 (Oct. 1, 2018-Sept. 30, 2019). Here are some highlights: • Revenue. Operating revenue was $71.1 billion, up 0.7 percent from the previous fiscal year. The increase was driven largely by price changes and continued growth in shipping and packages, where revenue increased 6.1 percent….

 Continue reading

USPS: First-quarter financial results reported

The Postal Service has reported its financial results for fiscal 2019’s first quarter (Oct. 1-Dec. 31, 2018). Here are some highlights: • Revenue. Total revenue was $19.7 billion, up 2.9 percent compared to the same period one year earlier. First-Class Mail revenue declined 1.2 percent, while Marketing Mail revenue increased 4.9 percent. Shipping and packages…

 Continue reading

USPS OIG: FY 2018 Selected Financial Activities and Accounting Records

Objective Our audit objectives were to determine whether the U.S. Postal Service: Fairly stated accounting transactions in the general ledger and whether selected controls surrounding those transactions were designed and operating effectively. Properly tested, documented, and reported its examination of selected key financial reporting controls related to Headquarters and Accounting Services. The Postal Reorganization Act…

 Continue reading

USPS: Financial results for fiscal 2017’s third quarter announced

The Postal Service has reported its financial results for fiscal 2017’s third quarter (April 1-June 30, 2017). Here are some highlights: • Total revenue. The organization’s total third-quarter revenue was $16.7 billion. This is essentially unchanged from the same period last year, excluding the effect of a $1.1 billion non-cash change in accounting estimate recognized…

 Continue reading

USPS posts net loss of approximately $200 million for FY 2017’s first quarter

Excluding the effects of a $1.7 billion change in its workers’ compensation liability due to fluctuations in interest rates, the Postal Service has posted a net loss of approximately $200 million for fiscal 2017’s first quarter (Oct. 1-Dec. 31, 2016). USPS also reported that net income for the quarter was approximately $1.4 billion. Controllable income…

 Continue reading

USPS financials: Corbett updates employees in new video

(August 24, 2016) Although USPS is growing its shipping business, the organization continues to face financial pressures from ongoing declines in First-Class Mail revenue, Chief Financial Officer Joe Corbett reports in his latest “Dollars and Change” video. To bridge the gap, Corbett says the Postal Service is pursuing a two-pronged strategy: innovating while continuing to…

 Continue reading