(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 push for reform legislation to address its challenges.
“We are committed to continuing to make progress,” he says.
The CFO also updates employees on the Postal Service’s financial results for the nine-month period that ended June 30. This period represents the first three quarters of the Postal Service’s fiscal year.
Corbett notes total revenue was $58 billion, up $1.5 billion from the same period one year earlier.
Growth in the shipping business helped lift revenue, although the growth was offset somewhat by declines in First-Class Mail and international mail.
Although USPS generated a net loss during the nine-month period, Corbett says the organization has sufficient cash to run its business, pay employees and suppliers, and continue meeting its service obligations.
He also encourages employees to remain “focused on running the business and serving our customers.”