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Year-end financials

Corbett delivers update in new video

The Postal Service has released Chief Financial Officer Joe Corbett’s latest “Dollars and Change” video.

The Postal Service’s year-end financial report is discussed in Chief Financial Officer Joe Corbett’s latest “Dollars and Change” video.

USPS recorded $71.1 billion in total operating revenue in fiscal 2019 (Oct. 1, 2018-Sept. 30, 2019) and $79.9 billion in total operating expenses.

This left the organization with a net loss of $8.8 billion — an increase in net loss of $4.9 billion compared to the previous fiscal year. However, excluding noncash adjustments to the fair value of workers’ compensation liability, the increase in loss is reduced to approximately $1.4 billion.

“As always, we all — as managers, supervisors and employees — must aggressively grow revenue at every profitable opportunity and control work hours and expenses to help the Postal Service remain financially viable,” Corbett says.

He also discusses volume trends, noting that First-Class Mail and Marketing Mail volumes each declined during fiscal 2019 and shipping and package volume was flat.

Additionally, Corbett reports that USPS is working to grow its package business through investments in vehicles, tractor-trailers, cargo vans, package sorting equipment, improvements in delivery tracking capabilities and other technology.

He concludes the video by thanking employees for their dedication.

“I appreciate all of your efforts to date and ask for your continued commitment,” Corbett says.

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