MercadoLibre Profit Jumps, Filling Vacuum Left by Americanas

Bloomberg2023-05-04

Brazil sales growth accelerate as company gains market shareFirm sees increased adoption of savings solutions in ArgentinaA logo at the MercadoLibre Distribution Center (Cedis) at Prologis Park Grande...

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Photographer: Mauricio Palos/BloombergLatin America’s e-commerce powerhouse MercadoLibre Inc. posted better-than-expected profits for the first quarter, lifted by growth in its largest market following the collapse of Brazilian retailer Americanas SA. Net income more than tripled from a year earlier to total $201 million, above the $154.4 million forecast by Wall Street, as it further gained market share in Brazil’s e-commerce sector and posted double-digit growth at its fintech arm in Mexico and Argentina. Operating margins at the company rose to 11.2%, also beating expectations. “Brazil had a pretty good quarter in commerce, and we’re gaining market share very strongly, above our expectations,” said Andre Chaves, a senior vice president at the firm, in an interview. The company’s volume growth in Brazil saw “a marked acceleration in a market that decelerated overall.”Gross merchandise volume totaled $9.4 billion for the period, helping push total revenue to $3 billion.After Rio de Janeiro-based retailer Americanas filed for bankruptcy protection in January, investors started to eye the potential for rivals like MercadoLibre to expand their market share. Americanas’ debacle, which followed the unveiling of fiscal inconsistencies, led other companies to have improved bargaining power with suppliers. MercadoLibre’s loan book saw modest growth to $3 billion, and the company “is in no rush” to accelerate the lending pace, especially in Brazil, said Chaves. Latin America’s largest economy has been facing a substantial deterioration in credit conditions amid high rates and corporate blowups in the past months. Meanwhile, the company benefits from increased adoption of its savings solutions in Argentina, while scaling up its credit-card offering in Mexico, he added. Last month, MercadoLibre announced plans to boost hiring across the region, defying layoffs across the technology sector and bringing its total headcount to 53,000 this year. Other key points from earnings and Chaves:Payment volume $37.0 billion, estimate $34.8 billionNet income $201 million, estimate $154.4 millionLoan book rose 11% from a quarter earlier to $3.0 billionLoans more than 90 days overdue fell to 28.2% from 29.6% in the fourth quarterFirm is in a comfortable cash position; not looking into the bond market at the momentThere are over 20 million people saving on MercadoPago across the regionMexico will take most of the new logistics capacity being added to the region","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":8,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1161264047"}