Nokian tyres slides on wider than expected Q1 loss

Nokian Renkaat Oyj

29/04/2024 11:31

** Shares in Nokian Tyres  TYRES.HE  fall more than 4% after
the Finnish tire maker posted wider than expected operating loss
for Q1, hit by the Red Sea crisis and political strikes in
Finland
    ** Its Q1 operating loss was 26.2 million euros ($28.1
million), well below the average forecast of a 9.1 million euro
loss expected by 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," CEO Jukka Moisio said in
a statement
    ** The company's shares hit the bottom of the Helsinki blue
chip index  .OMXH25  

($1 = 0.9334 euros)

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))