Ottawa, Canada – Canada Post recorded a loss before tax of $315 million in the third quarter of 2024 as strong revenue growth in Direct Marketing did not make up for a decline in Parcels results. Meanwhile, Canada Post is considering its options to move negotiations forward as talks with the Canadian Union of Postal Workers (CUPW) have ground to a halt on key issues critical to the Corporation’s future.
An increasingly crowded and highly competitive ecommerce delivery market continued to impact Parcels results in the third quarter of 2024. While Transaction Mail volumes continued to erode, revenue rose due to a regulated stamp rate increase. Direct Marketing revenue and volumes experienced robust growth.
The Corporation’s $315-million loss before tax in the third quarter widened by $25 million compared to a loss before tax of $290 million in the third quarter of 2023. In the first nine months of 2024, Canada Post recorded a loss before tax of $345 million, compared to a loss before tax of $651 million in the same period of the prior year. The nine-month results improved compared to the previous year due to dividend income received from the divestitures of SCI Group Inc. (SCI) and Innovapost Inc. (Innovapost) in the first and second quarters, respectively, of 2024. Canada Post will record another significant loss in 2024, the seventh consecutive annual loss for the Corporation.
Canada Post’s revenue in the third quarter declined by $15 million, or 1.0 per cent, compared to the same period a year earlier. For the first nine months of 2024, revenue fell by $63 million, or 1.3 per cent, compared to the same period of the prior year.
In the third quarter and the first nine months of 2024, total cost of operations increased by 0.4 per cent and 1.4 per cent, respectively, compared to the same periods of 2023. The increase was mainly due to higher employee benefit costs driven by lower discount rates, which was partly offset by a decline in non-capital investments.
The Corporation recorded a loss from operations of $313 million in the third quarter, compared to a loss from operations of $291 million in the same quarter a year earlier. For the first nine months of 2024, Canada Post’s loss from operations was $803 million, compared to $662 million in the same period of the previous year. The loss from operations excludes any dividends or income from the divestitures.
C K Print and Design Adds AccurioLabel 400
EQUIPMENT INSTALLATION: Early adopter in U.S. won over by one-hit white from Konica Minolta; adds to OEM's fleet on production floor in state of 'Mizzou.'
New Trade Services Leader at The BoxMaker
Justin Stacey has started a new position as Vice President of Ecommerce and Trade Services at The BoxMaker and its Fantastapack.com subsidiary in the Pacific Northwest (USA).
SuperGraphics Expands with Nyala 4
swissQprint celebrates the sale of its 2,000th large-format printer, delivering stunning, high-quali...
Schöttner Druck on 'Fire' with 3rd Versafire ...
PSP in Bavaria produces individualized print for the pharmaceutical industry using integrated offset...
Koenig & Bauer Initiates Reorg
Following its Q3 earnings report, 'lean' moves reduce number of business group segments from three to two: Paper & Packaging Sheetfed Systems and Special & New Technologies. Among the vast consequences: Heidelberg transplant Christian Steinmaßl is appointed to Group management as Central Group COO Michael Ulverich steps down.
U.S. Female Exec Is Tech Influencer
ECI Software Solutions President and COO Sarah Hagan has been named a 2024 Globee Woman Executive winner for excellence in 'Technology Produ...
Can Automation Engineering Merger
As of 1 January, 2025, Ferrum Packaging AG, leading manufacturer of can seamers for the beverage industry, and KHS GmbH are to take over H.F...
New Product Manager for Enfocus Switch
PEOPLE NEWS: Isabelle Noppe has been promoted to manage the workflow automation software product line for Veralto subsidiary; spent more tha...
Latest News
Subscribe
Subscribe to our INKISH newsletter
The Future of Flexo
The flexographic printing market, valued at $242 billion, is projected to grow by more than five percent annually until 2029, Smithers forecasts.
Ricoh reduces production of parts in China wi...
Ricoh is moving production from China to Thailand to avoid 60% US tariffs, impacting its printer parts. Other OEMs are also shifting to lessen tariff burdens.
OneVision introduces version 24.2
Software updates are essential for efficiency, with Version 24.2 enhancing the OneVision software suite. Interviews with OneVision team members are available to watch.
Canada Post Reports $315 Million Q3 Loss
Despite strong revenue growth in direct marketing, work stoppage persists as transaction mail volume...
International Exhibition about Creativity
FREE ADMISSION: DesignInspire, organised by the Hong Kong Trade Development Council and co-organised...
Online Print Symposium 2025 announced
Bernd Zipper organizes the German Online Print Symposium, a key event for exploring new business mod...
INKISH's Mark Vruno to Present at AIFMP Confe...
Targeting micro, small and medium enterprises, the theme of the event is 'Empowering MSMEs with New ...
Polar Smooth 150 Air Available Worldwide
New X-24 Flatbed UV Printer
PRODUCT NEWS: Xanté introduces latest model featuring 3D texturing capabilities, Epson i3200 printheads and iQueue 16 Adobe PostScript workf...
Labelexpo India Sets Records
The recent 2024 edition was the biggest and most vibrant show in the event’s history, drawing 13,752 visitors – up 14 percent on the 2022 ed...
Finnish Firm Punamusta Media Rebrands as Rebl...
Graphic communications company Exove has undergone significant transformations in recent years, including numerous acquisitions; its media b...
Global Print Market Size Approaches $1 Trilli...
How huge is print? The head of Gelato revealed a BIG number recently in Sweden.
Login
New User? Signup
Reset Password
Signup
Existing User? Login here
Login here
Reset Password
Please enter your registered email address. You will recieve a link to reset your password via email.
New User? Signup