Finland's Nokian Tyres Q1 loss exceeds expectation (updated)

Nokian Renkaat Oyj

29/04/2024 11:09

(Adds details, CEO quote)
       HELSINKI, April 29 (Reuters) - Finland's Nokian Tyres
 TYRES.HE  on Monday posted a bigger operating loss for the
first quarter than analysts had expected following its exit from
Russia, citing negative impact from the Red Sea crisis and
political strikes in Finland.
    The tyre maker's operating loss increased to 26.2 million
euros ($28.07 million) from a loss of 18.8 million in the
year-ago quarter, missing the average forecast of a 9.1 million
euro loss expected by 9 analysts in a poll provided by the
company.
        "The negative financial impact of the political strikes
and the Red Sea crisis is approximately 20 million euros in
EBITDA, of which more than half in Q1," Chief Executive Jukka
Moisio said in a statement.
  

($1 = 0.9334 euros)

 (Reporting by Anne Kauranen, editing by Terje Solsvik)
 ((anne.kauranen@thomsonreuters.com; +358401895560;))