The Postal Service has approved investments of more than $1.5 billion since last October, Chief Financial Officer Joe Corbett reports in his latest “Dollars and Change” video.
The new vehicles include left-hand drive extended capacity cargo vans, minivans, service vehicles and 2-ton mixed delivery and collection trucks. Equipment investments include new package sorting machines and package tracking equipment.
USPS is focused on projects “that will have high return on investment or that are necessary to improve our medium- to long-term financial condition,” Corbett says.
The CFO also reviews the Postal Service’s performance during the third quarter (April 1-June 30), which is typically slow due to the seasonal nature of mail and packages.
This year, USPS reported a third-quarter net loss of approximately $600 million, compared to a $2 billion loss for the same period one year earlier.
Also, while First-Class Mail and Standard Mail revenue dipped approximately 2 percent during the quarter, package revenues grew by more than 10 percent.
Overall, operating revenue ($16.5 billion) was approximately the same as last year.