Nokian Tyres flags market challenges after in-line results (updated)

Nokian Renkaat Oyj

19/07/2024 11:49

(Recasts, adds detail, background and quote from paragraph 2)
       July 19 (Reuters) - Finnish tyre maker Nokian Tyres
 TYRES.HE  on Friday posted second-quarter operating profit
roughly in line with expectations and flagged challenging market
conditions, sending its shares down 4%.
    Car equipment providers have been voicing concerns over
weakened demand amid falling production volumes and delays in
the launch of models by car manufacturers.
    "The car and tyre market continues to be demanding due to
economic uncertainties and low consumer confidence," Nokian
Chief Executive Jukka Moisio said in a statement.
    Nokian's adjusted operating profit rose by a third to 20.1
million euros ($21.9 million), against the 20.4 million euros
forecast in a poll of analysts.
    Its shares were down 4.5% by 1019 GMT.
    
($1 = 0.9194 euros)

 (Reporting by Boleslaw Lasocki
Editing by David Goodman)
 ((boleslaw.lasocki@thomsonreuters.com; +48 58 769 66 00;))