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Shipping revenues rising, Corbett reports

Chief Financial Officer Joe Corbett
Chief Financial Officer Joe Corbett’s latest “Dollars and Change” video was released Nov. 24.

The Postal Service’s shipping revenue has increased almost 50 percent during the past five years, Chief Financial Officer Joe Corbett reports in his latest “Dollars and Change” video.

USPS employees deserve much credit for this success, Corbett says.

“The Postal Service continues to adapt to meet the changing needs of the American public,” he says. “This is a testament to the value of our products and services and [your] hard work and dedication.”

The CFO also reviews the Postal Service’s year-end results for fiscal 2015 (Oct. 1, 2014-Sept. 30, 2015).

Controllable income was $1.2 billion, which Corbett calls a “financial bright spot.” Controllable income is defined as net loss excluding expenses related to the mandated prefunding of retirement health benefits and other factors largely outside of management’s control.

Although revenue increased 1.6 percent, Corbett says the Postal Service must continue to be more efficient to grow its business.

“Replacing high-margin First-Class Mail revenue with lower-margin package revenue continues to exert downward pressure on our financial results because the shipping business is more labor intensive,” he says.

After considering retiree health benefits prefunding and other uncontrollable expenses, USPS ended fiscal 2015 with a $5.1 billion net loss.

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