2024/11/22
Canada Post has released its third-quarter 2024 results. The Corporation recorded a loss before tax of $315 million in the quarter, compared to a loss before tax of $290 million in the same period a year earlier.
An increasingly crowded and highly competitive ecommerce delivery market continued to impact Parcels results in the third quarter. While Transaction Mail volume continued to erode, revenue rose due to an increase in regulated stamp rates. Direct Marketing revenue and volume experienced robust growth.
Highlights
- For the first nine months of 2024, the Corporation recorded a loss from operations of $803 million, compared to $662 million in the same period of the previous year. The loss from operations excludes any income received from the divestitures of SCI Group Inc. and Innovapost Inc.
- Canada Post will record another significant loss in 2024, the seventh consecutive annual loss for the Corporation.
- Revenue in the third quarter fell by $15 million, or 1.0 per cent, compared to the same period a year earlier.
- Parcels results continued to be impacted by a highly competitive and demanding parcel delivery market. In the third quarter, Parcels revenue fell by $46 million, or 5.8 per cent, as volumes declined by 6 million pieces, or 9.6 per cent, compared to the same period of 2023.
- While Transaction Mail volume continued to erode in the third quarter, revenue increased compared to the same quarter of 2023 due to a regulated postage rate increase that took effect in May 2024. Transaction Mail revenue increased by $7 million, or 1.3 per cent, as volumes declined by 33 million pieces, or 6.6 per cent, compared to the same period a year earlier.
- Direct Marketing results benefitted from new business and higher sales for the Canada Post Neighbourhood Mail service. In the third quarter, Direct Marketing revenue rose by $21 million, or 9.0 per cent, as volumes increased by 201 million pieces, or 22.1 per cent, compared to the same period of the previous year.
More information
Read the news release.