Canada Post reports $1.3B operating loss in 2024

Canada Post is reporting a $1.3-billion loss in operating expenses in its 2024 annual report.

The Crown corporation made up for some of those losses by selling off certain ventures, including its logistics business which it sold in January of last year.

Excluding tax — and accounting for its divestments — Canada Post's losses totalled $841 million last year. That's larger than the $748-million loss reported in 2023, and in 2022 when it lost $548 million.

The last time Canada Post made a profit was in 2017. Overall, the Crown corporation says it has lost $3.8 billion since 2018.

Canada Post said in a news release that volumes and revenues declined in both traditional letter and parcel delivery, and that the corporation faces stiff competition from private parcel carriers.

"Our current structure was built for a bygone era of letter mail — the status quo has led us to the verge of financial insolvency and is not an option. The need to change, respond to our challenges and secure this important infrastructure for the future is more urgent than ever before," CEO Doug Ettinger said in the news release.

Revenue from parcel delivery alone fell by $683 million compared to 2023, the report says.

The corporation also said that the postal worker strike late last year contributed to a loss of $208 million. This latest annual report comes with another potential strike looming.

The last strike ended when the federal government ordered employees back to work under their existing contracts, which were extended until May 22 to allow the bargaining process to resume.

Those contracts have ended, and the union is still in disagreement with the corporation on several issues, including worker pay, benefits, pensions and Canada Post's intent to hire part-time workers for weekend deliveries instead of paying overtime for weekend shifts.

The Canadian Union of Postal Workers issued a strike notice last week, but talks are ongoing.