USPS CFO Corbett highlights financial results
The Postal Service’s chief financial officer, Joe Corbett, reviews fiscal year 2022’s second quarter (Jan. 1-March 31) in his latest “Dollars and Change” video.
USPS reported $19.8 billion in operating revenue, total operating expenses of $20.4 billion and an adjusted loss of $1.7 billion for the quarter.
The organization also reported improvements in shipping and packages revenue, which increased 1.3 percent; First-Class Mail revenue, which increased 5 percent; and Marketing Mail revenue, which increased 15.9 percent.
“These improvements are attributable to growth in Marketing Mail volume and price increases through strategic use of our pricing authority,” Corbett says.
Additionally, the Postal Service reported total volume of 31.6 billion pieces, up 2.9 percent from one year earlier.
Corbett thanks employees for helping to drive service improvements during the quarter, as well as their efforts to deliver more than 320 million COVID-19 tests.
“This program has been a great success for the Postal Service and for the country,” Corbett says. “It demonstrates the reach of our incredible network and supports the credibility of our brand.”