Steady improvement

Chief Financial Officer Joe Corbett’s latest “Dollars and Change” video was released this week.

The Postal Service recorded a revenue increase during fiscal 2015’s second quarter (Jan. 1-March 31), Chief Financial Officer Joe Corbett reports in his latest “Dollars and Change” video.

Operating revenues reached $16.9 billion, up 1.3 percent from one year earlier. The increase was driven by continued growth in shipping and package revenue, which rose 10.4 percent from a year earlier.

Other bright spots include slight increases in controllable income and cash balances, as well as cost reductions, such as lower fuel costs.

The net loss during the quarter was $1.5 billion compared to $1.9 billion a year earlier.

“While we recorded growth in controllable income, we are still operating from a fiscal hole approximately $90 billion deep, so legislation and continuing changes to our business model are necessary,” Corbett says.

The CFO also discusses ongoing infrastructure investments, including plans for new vehicles and sorting machines, along with upgrades to existing equipment and facilities.