Friday, May 10, 2024
USPS reports second-quarter financial results
Operating revenue was $19.7 billion
The Postal Service has reported its financial results for fiscal year 2024’s second quarter (Jan. 1-March 31). Here are some highlights:
• Revenue. Total operating revenue was $19.7 billion, an increase of 2.1 percent compared with the same quarter one year earlier. Shipping and packages revenue increased 1.2 percent, First-Class Mail revenue increased 4.4 percent and Marketing Mail revenue increased 2.1 percent.
• Volume. Total volume was 28 billion pieces, down 2.1 percent compared with the same quarter the previous fiscal year. Shipping and packages volume increased 1.5 percent, while First-Class Mail volume declined 2.2 percent and Marketing Mail volume declined 2 percent.
• Expenses. Total operating expenses were $21.3 billion for the quarter, a decrease of 3.1 percent compared with the same quarter one year earlier, reflecting the Postal Service’s cost control efforts over transportation expenses and work hours.
• Net loss. The net loss under generally accepted accounting principles (GAAP) totaled $1.5 billion, compared with a net loss of $2.5 billion for the same quarter one year earlier. GAAP results for the quarter were negatively affected by $1.4 billion of expenses attributed to the amortization of unfunded retiree pension liabilities, offset by a workers’ compensation noncash benefit of $224 million driven by actuarial revaluation and discount rate changes; these factors are not controllable by the Postal Service. Controllable loss for the quarter was $317 million, compared with a controllable loss of $498 million for the same quarter one year earlier. These results were favorably affected by increased revenue and lower transportation costs, partially offset by the continued effect of inflation on operating expenses.
“Our financial results this quarter demonstrated positive trends regarding improved revenue generation and cost control. This reflected progress in the implementation of our 10-year transformation and modernization plan,” said Postmaster General Louis DeJoy. “We also saw gains in package deliveries through our successful USPS Ground Advantage offering, which was enabled by our new operating model. As we continue to modernize our processing, transportation and delivery functions, we will increasingly operate with greater efficiency and capability, and at a consistently higher level of performance.”
The Postal Service’s May 9 news release has additional information.
May is National Military Appreciation Month
The Postal Service will honor all veterans in its workforce
May is National Military Appreciation Month, a time to honor those who are serving or have served in the U.S. military.
The observance was created through a bipartisan effort spearheaded by Sen. John McCain in 1999. The legislation was quickly approved by a unanimous vote in Congress.
May was selected because of the many military commemorations during the month, including its bookends — Loyalty Day (May 1) and Memorial Day, which this year falls on Monday, May 27.
In between are Public Service Recognition Week (May 5-11); Victory in Europe Day, also known as V-E or VE Day (May 8); Military Spouse Appreciation Day (May 10); Children of Fallen Patriots Day (May 13); and Armed Forces Day (May 18).
As a sign of appreciation for their service, a special commemorative certificate signed by Postmaster General Louis DeJoy will be sent to the home of every known USPS veteran.
In addition, veterans marking a five-year USPS service anniversary during the fiscal year that began Oct. 1, 2023, will receive a challenge coin and thank-you card signed by Deputy Postmaster General and Chief Human Resources Officer Doug Tulino.
Employees who are veterans are encouraged to update their mailing addresses via MyHR.
The Postal Service has long paid tribute to the armed forces through its stamp program. Some of the more recent releases include Go for Broke: Japanese American Soldiers of WWII (2021); the Purple Heart Medal (2019); Military Working Dogs (2019); and the Service Cross Medals (2016).
For more information regarding veteran recognition, email the USPS Military Affairs team.
People
Both took an oath
A father swears in his son, a Post Office celebrates a jubilee and a retiree preserves a memory
James Chambers, the Fort Myers, FL, postmaster, recently swore in son Quaid Chambers as the Dumas, TX, postmaster.
“Being able to administer the oath to my son was a very special time for me. I am very proud both as a postmaster and a father,” the elder Chambers said.
The younger Chambers began his postal career as a seasonal employee in Hammond, LA, in 2018. As postmaster, he manages 17 employees who serve about 14,200 residents.
“Being able to stand in front of my father while he administered the oath of office will forever be a cherished memory of mine,” he said. “I was able to show him that everything he and my mother taught me helped me to shape my future the way I wanted.”
Diamond jubilee
The Norris, TN, Post Office recently offered special pictorial postmark to help celebrate the city’s 75th anniversary.
The Tennessee Valley Authority built the community in the eastern part of the state, near the Norris Dam. It has about 1,600 residents today.
“My grandparents used to bring me to the Norris Dam for picnics when I was a kid, which is why this area has always held special memories,” said local Postmaster Cammie York. “I feel as if I’m part of the community, which is icing on the cake.”
Preserving a memory
Gunn Lee, a retired letter carrier, recently made a special delivery to the local historical society in Longport, NJ: a painting he created of the town’s former Post Office.
The painting shows a former co-worker, on his last day on the job, lowering the U.S. flag in front of the building, which has since been demolished.
“That so impressed Mr. Lee that he made that the subject of his painting,” Jeff Fusco, another of Lee’s former co-workers, told Downbeach, a local news website.
“People” appears regularly in Link. Got news to share? Email us.
History
Coming in on a wing and a prayer
The first scheduled airmail flight occurred May 15, 1918
Throughout its history, the nation’s postal system has experimented with new forms of transportation to move the mail.
By the early 20th century, the sky was the limit.
On May 15, 1918, before a crowd of thousands, including President Woodrow Wilson and first lady Edith Wilson, the first scheduled airmail flight lifted off from a Washington, DC, field bound for New York via Philadelphia.
Aviation was in its infancy. There was no support infrastructure to speak of. Pilots were expected to fly open-cockpit biplanes using little more than sight to guide them.
Not surprisingly, the flight did not go according to plan. The pilot had only a map and instructions to visually follow train tracks. He got lost and landed in a field in southern Maryland.
It was an inauspicious debut, but flying the mail soon established itself as a viable endeavor. Airmail was here to stay.
Indeed, airmail is credited not just with sending letters farther and faster, but with being the wind beneath the wings of commercial aviation.
In fact, a law allowing the Post Office Department to contract out routes to outside airlines was specifically designed to bolster the fledgling aviation industry.
That groundwork extracted a steep price, unfortunately. Thirty-four pilots lost their lives — six in the first week alone — during the years the Post Office Department ran the routes (1918-1926).
The early airmail pilots were “the astronauts of their age,” Nancy Pope, founding historian at the National Postal Museum, said at the May 2018 dedication ceremony of the first of two airmail centennial stamps.
“They braved storms and equipment failure … all understood the bargain they had made risking their lives to get the mail through.”
The “History” column appears occasionally in Link.
News Quiz
Dog days
Test your knowledge of these recent stories
“News Quiz” is a weekly feature that lets you test your knowledge of recent Link stories. The correct answers appear at the end.
1. When does this year’s USPS National Dog Bite Awareness Campaign begin?
a) Saturday, May 11
b) Sunday, June 2
c) Sunday, June 9
d) None of the above
2. True or false: USPS is holding virtual seminars on the Postal Service Health Benefits Program on designated Tuesdays and Thursdays this year.
a) True
b) False
3. Which three workplace ethical lapses are addressed in a new USPS video?
a) Mail destruction, mail theft and misuse of postal property
b) Mail destruction, mail theft and misuse of postal technology
c) Mail destruction, mail theft and misuse of postal time
d) None of the above
4. Fill in the blank: USPS receives about (blank) applications each year for periodical delivery, the classification for newspapers and magazines.
a) 10
b) 50
c) 100
d) 500
5. Which of the following was not the title of a recent USPS Benefits and Wellness webinar?
a) “Balancing Act: Thriving With Diabetes”
b) “Keeping the Beat: Your Heart, Your Health, Your Future”
c) “Rising Strong: Building Resilience for Life’s Challenges”
d) “Sit Down, Shut Up: Boost Your Health Through Meditation”
Answers: 1) b. 2) a. 3) a. 4) c. 5) d.
May 17, 2024
Datebook
‘Step Up to Lexis+’
Postal Service employees and contractors who perform news and business research for the organization can participate in an upcoming webinar on the Lexis+ service.
The session, “Step Up to Lexis+ for News and Business Researchers,” will be held Friday, May 17, from 1 to 2 p.m. Eastern.
A LexisNexis government solutions consultant will lead the discussion.
Participants must register before the event on the webinar website.
Employees and contractors with questions can email the USPS librarian’s office.
May 15, 2024
Datebook
‘Set Your Workday Up for Success’
Postal Service employees may participate in an upcoming webinar on using simple habits to become more productive and feel fulfilled during the workday.
The session, “Set Your Workday Up for Success,” will be held on Wednesday, May 15, at 9:15 a.m. Pacific and 12:30 p.m. Pacific.
Representatives from University of Phoenix will lead the webinar.
Participants must register before the event on the webinar website.
Participation is voluntary. Nonexempt employees must be off the clock or on authorized breaks.
Employees with questions can email the Benefits and Wellness team.
View past printouts
Printout details
What's included
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USPS reports second-quarter financial results
Operating revenue was $19.7 billion
-
May is National Military Appreciation Month
The Postal Service will honor all veterans in its workforce
-
People
Both took an oath
A father swears in his son, a Post Office celebrates a jubilee and a retiree preserves a memory
-
History
Coming in on a wing and a prayer
The first scheduled airmail flight occurred May 15, 1918
-
News Quiz
Dog days
Test your knowledge of these recent stories
-
May17Datebook
‘Step Up to Lexis+’
-
May15Datebook
‘Set Your Workday Up for Success’