Latin American e-marketplace company MercadoLibre sells 28% more in 2013
Fourth quarter sales were up 29% year over year. Total payment volume for its MercadoPago payment product, which is similar to PayPal, totaled $746.0 million in the fourth quarter, up 42% in U.S. dollars from $524.9 million a year earlier, the marketplace operator says.
MercadoLibre Inc., the operator of eBay-like marketplaces in 13 Latin American countries, says merchants on its web shopping portals sold $2.14 billion in the fourth quarter of 2013, up 29.9% in U.S. dollars from $1.64 billion a year earlier. For the full year, MercadoLibre generated $7.3 billion in merchandise sales, up 28.1% when compared to the full year 2012.
"MercadoLibre's e-commerce ecosystem clearly benefited from our ongoing initiatives in 2013, with growing functionalities complementing the unmatched value and selection of our marketplace,” says Marcos Galperin, president and CEO of MercadoLibre Inc. “Strong fourth quarter results showed positive momentum in marketplace and payments as we kept driving improvements to user experience. I look forward to more innovation in 2014, as we continue to unlock the huge potential behind Latin America's shift from offline to online commerce."
For the fourth quarter MercadoLibre, whose shares trade on the Nasdaq exchange, reports:
- Gross merchandise volume, that is the value of goods sold via its marketplaces, totaled $2.14 billion up 29.9% in U.S. dollars from $1.64 billion a year earlier.
- Net revenue totaled $134.6 million, up 29.8% from a year earlier.
- Total payment volume for its MercadoPago payment product, which is similar to eBay’s PayPal totaled $746.0 million, up 42.1% in U.S. dollars from $524.9 million a year earlier.
- Gross profit totaled $98.42 million, up 28.9% from $76.35 million a year earlier.
- Total operating expenses during the fourth quarter 2013 were $46.30 million up 24.3% compared to $37.22 million a year earlier.
- Total operating expenses as a percentage of net revenue for the fourth quarter of 2013 were 34.4% compared to 35.9% for the same quarter one year earlier.
- Income from operations for the fourth quarter 2013 was $52.12 million, up 33.2% from $39.13 million.
- Net income before taxes totaled $55.81 million compared with $42.22 million.
- Net income was $40.84 million, up 35.0% in U.S. dollars compared with $30.25 million a year earlier.
- MercadoLibre had 99.5 million registered users at the end of Q4 up 22.1% from 81.5 million a year earlier. And it added 4.5 million new users during the quarter. It sold 22.8 million items during the quarter compared with 19 million a year earlier. Consumers completed 9 million transactions in Q4 compared with 6.7 a year earlier.
For the full year 2013, MercadoLibre reports:
- $7.3 billion in gross merchandise volume, up 28.1%
- Net revenue of $472.6 million, up from $373.59 million, a 26.5% increase.
- Gross profit totaled $342.52 million, up 24.3% compared with $275.52 million in 2012.
- Total operating expenses totaled $188.98 million compared to $145.86 million, an increase of 29.6%
- Income from operations totaled $153.53 million, up 18.4% compared to $129.65 million.
- Net income before taxes was $163.12 million, up 16.3% compared to $140.22 million
- Net income of $117.53 million, up 16.0% compared to $101.35 million.