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U.S. Post Office unveils 10-year financial plan, with aim to breakeven by fiscal 2023

The U.S. Postal Service unveiled Tuesday a 10-year plan, with a goal of returning to financial sustainability and achieve “service excellence,” while maintaining its seven-day package delivery, and six-day mail delivery, service. As part of the plan, the Post Office aims to operate at breakeven by fiscal 2023, which would eliminate a projected $160 billion in losses over the next 10 years, while at least meeting, if not exceed, its goal of 95% on-time delivery. The plan includes the generation of $24 billion in revenue from enhanced package delivery services for business customers, such as same-day, one-day and two-day delivery options, aligning pricing to reflect market dynamics, and improving cash flow to allow for $40 billion worth of upgrades in workforce, new vehicles, improved post offices and technology improvements. “The need for the U.S. Postal Service to transform to meet the needs of our customers is long overdue,” said Postmaster General Louis DeJoy.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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