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MercadoLibre, Inc. Reports Financial Results For First Quarter 2013

Stocks in this article: MELI

* Gross Merchandise Volume of $1.6 Billion, Accelerating to 30% Growth in Local Currencies

* Total Payments Volume of 532.1 Million, Accelerating to 62% Growth in Local Currencies

* Net Revenues Grew to 102.7 Million, a 36% Growth in Local Currencies

* Excluding the Non-Recurring Foreign Exchange Loss in Venezuela, Earnings Per Share During Q1'13 Would Have Been $0.53

BUENOS AIRES, Argentina, May 6, 2013 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. (Nasdaq:MELI) ( ), Latin America's leading e-commerce technology company, today reported financial results for the first quarter ended March 31, 2013.

Marcos Galperin, President and Chief Executive Officer of MercadoLibre, Inc., commented, "MercadoLibre was off to a good start in 2013. We saw volume accelerate across both our core marketplace and payments businesses, as we are meeting the growing demands of a quickly expanding base of users. Our ongoing initiatives are evidently raising the bar with respect to the ease, comfort and quality of the experience shoppers can expect as they make the transition to online shopping. We intend to keep driving this dynamic forward as the year advances."

Financial Results Summary

MercadoLibre reported consolidated net revenues for the three months ended March 31, 2013 of $102.7 million, representing a year-over-year growth of 36.3% in local currencies.

For the three months ended March 31, 2013, gross merchandise volume grew to $1,563.3 million, while total payment volume reached $532.1 million. In local currencies, gross merchandise volume grew 29.5% year-over-year, while payment volume grew 62.4% year-over-year.

Items sold on MercadoLibre during the first quarter 2013 increased 20.5% to 18.1 million, while total payments transactions through MercadoPago increased 37.9% to 6.7 million.

Gross profit for the first quarter of 2013 was $74.1 million. Gross profit margin for the period was 72.1%, down from 74.8% during the first quarter of 2012, driven primarily by growth in the lower margin payment business and investments in customer services and technology.

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