USPS CFO discusses 10-year plan in latest video
The Postal Service’s latest quarterly financial report highlights why the Delivering for America plan must be fully implemented, Chief Financial Officer Joe Corbett says in his latest “Dollars and Change” video.
During fiscal year 2021’s third quarter (April 1-June 30), the organization’s total operating revenue was $18.5 billion and total operating expenses were $21.4 billion, leaving USPS with a net loss of $3 billion.
Compared with the same quarter one year earlier, First-Class Mail revenue grew 1 percent and volume increased 1.1 percent, while Marketing Mail revenue grew 42 percent and volume increased 38.6 percent.
Corbett notes, however, that Marketing Mail volumes were “very depressed” during the same quarter one year ago and have not recovered to pre-pandemic levels.
He also reports that shipping and packages revenue decreased 7.8 percent and volume fell 14.1 percent. Despite these decreases, though, volume remains higher than pre-pandemic levels.
“We believe consumer behavior has evolved during the pandemic and our shipping and packages volumes are not expected to decline to pre-pandemic levels as the nation has increasingly relied on the safety and convenience of e-commerce,” Corbett says.
He also explains how Delivering for America, the Postal Service’s new 10-year plan, will put the organization on firmer financial footing for the future by establishing a framework to respond to changes in the marketplace, innovate to grow revenue and work more efficiently.
Employees can read the plan in usps.com’s Delivering for America section.
“By implementing this 10-year plan in full, we expect to operate in a financially self-sustaining manner within the next several years while continuing to fulfill our universal service mission,” Corbett says.