Chief Financial Officer Joe Corbett reviews the Postal Service’s latest quarterly financial results in a “Dollars and Change” video released this week.
During fiscal year 2021’s first quarter (Oct. 1-Dec. 31, 2020), USPS recorded total revenue of $21.5 billion and total operating expenses of $21.1 billion, leaving the organization with net income of $318 million.
However, disregarding certain nonrecurring matters and a limited-time peak season surcharge, the Postal Service would have reported a first-quarter loss of approximately $650 million.
“We’re not out of the woods yet,” Corbett says.
First-Class Mail and Marketing Mail revenues continued their ongoing decline during the quarter, while shipping and packages revenue experienced record growth due to surges in electronic commerce associated with the holidays and the coronavirus pandemic.
While the growth in the package business is welcome, the increases are expected to level out as the economy reopens, Corbett reports. Achieving long-term financial stability will require a combination of management actions and legislative reforms.
Employees can do their part by staying healthy and helping to manage the business by improving efficiency, reducing costs, pursuing innovation and growing revenue.
“I appreciate your contributions to the Postal Service,” Corbett says. “Thank you very much.”