Friday, February 9, 2024
USPS reports first-quarter financial results
Operating revenue grew to $21.6 billion
The Postal Service has announced its financial results for the first quarter of fiscal year 2024 (Oct. 1-Dec. 31, 2023). Here are some highlights:
• Revenue. Total operating revenue was $21.6 billion, an increase of 0.5 percent compared with the same quarter one year earlier. Shipping and packages revenue increased 2.7 percent, and First-Class Mail revenue increased 2.6 percent. Marketing Mail revenue decreased 5.4 percent.
• Volume. Total volume was 30.5 billion pieces, down 9.2 percent compared with the same quarter the previous fiscal year. Shipping and packages volume increased 5.1 percent, while First-Class Mail volume declined 5.6 percent. Marketing Mail volume decreased 13.5 percent.
• Expenses. Total operating expenses were $23.8 billion for the quarter, an increase of 4.9 percent compared with the same quarter last year. Excluding costs that USPS cannot control — such as retiree pension benefits expense for the amortization of underfunded Civil Service Retirement System and Federal Employee Retirement System plans and workers’ compensation expenses caused by actuarial revaluation and discount rate changes — adjusted operating expenses decreased by 1 percent compared with the same quarter one year earlier.
• Net loss. The net loss for the quarter totaled $2.1 billion, compared with a net loss of $1 billion for the same quarter one year earlier. Results for the quarter were negatively affected primarily by noncash workers’ compensation expenses caused by actuarial revaluation and discount rate changes, the amortization of unfunded retiree pension liabilities and the continued effect of inflation on operating expenses.
“While we have noteworthy accomplishments, we have far to go on our transformation journey. However, our performance during the recent holiday quarter demonstrates that our modernization strategies are putting the Postal Service on an upward trajectory,” said Postmaster General Louis DeJoy. “We recorded revenue growth in the competitive shipping market, controlled costs more effectively and expanded our controllable operating margin. We expect to continue this progress as we further implement the Delivering for America plan and transform our organization to better serve the American public.”
The Postal Service’s Feb. 8 news release has additional information.
New leadership courses are available for USPS employees
The virtual training includes instructor-led and self-paced classes
The Postal Service is offering virtual courses for Executive and Administrative Schedule (EAS) employees through the Center for Creative Leadership, a provider of leadership development and research.
The four courses, which are designed to elevate front-line leadership capabilities, offer a mix of instructor-led, moderated and self-paced training. The courses are:
• Frontline Leader Impact, available for EAS-18 to EAS-21 employees;
• Better Conversations Every Day, for EAS-18 to EAS-23 employees;
• Lead 4 Success, for EAS-22 to EAS-26 employees; and
• Creating Leadership, for EAS-23 employees to pay band managers.
Employees interested in taking any of these classes should speak with their manager, who must approve participation. Openings are filled on a first-come, first-served basis.
Applications must be submitted no later than Saturday, Feb. 24.
For more information, employees should contact their local employee development team or email the National Leadership Training Programs team.
Heroes
Day care deserter
This carrier found a 3-year-old wandering in the cold
Letter Carrier David Moulton was delivering mail recently in Salem, MA, when he spotted a 3-year-old boy roaming a busy street alone.
It was a frigid day and the child had wandered away from a day care facility, wearing very little clothing.
Moulton wrapped his jacket around the toddler, called 911 and kept him safe until emergency responders arrived.
The boy was taken to a nearby hospital, where he was evaluated for injuries. He was reunited with his parents afterward.
“The child was okay, and David saved the day,” said local Customer Services Supervisor Christopher Conant. “The parents were beyond grateful.”
Employees featured in “Heroes” receive letters of commendation through the Postmaster General Heroes’ Program. The nomination form is available on Blue.
People
Love is all around
A postmaster gears up for Valentine’s Day, a retail associate marks a milestone and two siblings retire
Sometimes you have to roll with the punches.
The Romance, AR, Post Office planned a local dedication ceremony last month for this year’s Love stamp. Unfortunately, a gusty winter storm dashed hopes for an outdoor event.
All was not lost, however. Members of a church across the street had decorated the interior of the building in valentine splendor and handed the key to a stunned John Parham, the local postmaster.
“It wasn’t planned. It was all through the generosity of the church,” he said.
As for Valentine’s Day itself at the Romance Post Office, Parham is ready.
“I don’t think I have missed one without either a paper, TV station or magazine setting up a meeting,” he said. “Each year I get 15 minutes of fame!”
Still smiling
Harry Berlin started his postal career in 1966 as a mail handler in Van Nuys, CA.
Almost 60 years later, he remains a postal employee.
“What I love the most about my job is the interesting people I get to meet and serve,” said Berlin, whose long run with USPS was the subject of a recent news release.
During the early years of his career, Berlin had to memorize a mail scheme, collect outgoing mail and key codes into a letter sorting machine.
He later became a retail associate and has worked at the Sherman Oaks, CA, Post Office since 1988.
“I was initially attracted to this job because of the $3 an hour salary I got when I was hired. That was big money back then,” Berlin said. “But what’s keeping me here now is the camaraderie, the opportunity to serve the community and giving back with a smile.”
Always together
After working together for almost 40 years, brothers Robert and William Riday both retired from USPS last week.
Robert was a letter carrier at the Bryn Mawr, PA, Post Office, where William was a retail associate.
“We grew up in southwest Philly in a small home, so you have no choice but to do things together,” Robert told WPVI, the Philadelphia ABC station.
“People” appears regularly in Link. Got news to share? Email us.
Postal Bulletin covers ergonomics
Postal Bulletin’s latest edition, published Feb. 8, has ergonomics tips for USPS employees.
Updates to the organization’s policies, procedures and forms are also included.
Employees can go to usps.com to read and download the latest Postal Bulletin, along with past issues.
Postal Posts offers stamp preview
The latest entry on Postal Posts, the USPS blog, was penned by Lisa Bobb-Semple, stamp services director.
She writes about this year’s stamp lineup, including forthcoming releases to mark the 50th anniversary of Dungeons & Dragons and the 250th anniversary of the First Continental Congress.
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What's included
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USPS reports first-quarter financial results
Operating revenue grew to $21.6 billion
-
New leadership courses are available for USPS employees
-
Heroes
Day care deserter
This carrier found a 3-year-old wandering in the cold
-
People
Love is all around
A postmaster gears up for Valentine’s Day, a retail associate marks a milestone and two siblings retire
-
Brief
Postal Bulletin covers ergonomics
-
Brief
Postal Posts offers stamp preview