June 12, 2018
Chief Financial Officer Joe Corbett discusses the Postal Service’s latest financial results in a new “Dollars and Change” video.
The fiscal 2018 second-quarter (Jan. 1- March 31) results show revenue was $17.5 billion, up 1.4 percent compared to the same time last year.
However, the increase didn’t offset an uptick in expenses — largely driven by salaries and benefits and transportation costs — that led to a net loss of $1.3 billion.
Overall, the organization continued a multi-year trend of declining letter volume and increasing package volume.
“The gains in our package business are not sufficient to offset ongoing volume losses in our more profitable mail categories,” Corbett says.
The Postal Service is continuing to seek legislation to improve the organization’s finances.
This legislation — in addition to a favorable outcome from the Postal Regulatory Commission’s 10-year price review, continued innovation, and efforts to become more efficient, control costs and improve customers’ experiences — will lead to financial stability, Corbett says.
“We need to do everything within our control to maximize the performance of our business,” he says.
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