Nokian Tyres Q3 operating profit misses expectations (updated)

Nokian Renkaat Oyj

31/10/2023 12:13

(Adds background, CEO quote)
       HELSINKI, Oct 31 (Reuters) - Finland's Nokian Tyres
 TYRES.HE  on Tuesday posted an operating profit for the third
quarter below analysts' expectations, citing demanding car and
tyre markets.
    The Finnish tyre maker said operating profit fell to 8.3
million euros ($8.9 million) from 40.7 million in the year-ago
quarter, missing the average of 26.6 million expected by 10
analysts in a poll provided by the company.    
    The tyre maker last week reported preliminary segment
figures for the quarter and lowered its full-year outlook due to
weaker demand, sending its shares down.
    In response to Russia's 2022 invasion of Ukraine, Nokian
exited Russia and sold a year ago its Russian plant where it
used to make 80% of its passenger car tyres.
    The company is now focused on sourcing from China, while
building a new factory in Romania and ramping up production at
existing Finnish and U.S. sites.
    The new factory "is starting to take shape and is well on
track for the first tyres to be produced in less than a year,"
Nokian Tyres CEO Jukka Moisio said in a statement.      


($1 = 0.9384 euros)

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