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Corbett reports second-quarter financials

CFC Joe Corbett

The Postal Service’s second-quarter operating revenue rose to $17.7 billion, a 4.7 percent increase over the same period last year, Chief Financial Officer Joe Corbett reports in his latest “Dollars and Change” video message.

Corbett attributes the rise to double-digit increases in shipping and package volumes, pricing strategies and the performance of USPS employees.

“January to March is typically our toughest in terms of weather conditions, and our employees and our overall network performed very well despite some disruptive months,” he says.

Operating expenses increased during the second quarter and USPS continues to face unsustainable financial losses due to changing marketing conditions and legislative and regulatory mandates, Corbett says.

USPS also reported that controllable income increased to $576 million during the second quarter (Jan. 1-March 31) compared to $313 million for the same period last year.

Additionally, Corbett notes Postal Service revenues will decrease by approximately $1 billion this year due to the recent elimination of the exigent price surcharge.

USPS is seeking legislation to restore the surcharge, among other reforms.

“Legislative reform, in addition to our continued focus on innovation and efficiency, remains increasingly necessary,” Corbett says.

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